annuals financial statements– as at december 31, 2012 · annual financial statements as at...

Annuals Financial Statements – as at December 31 , 2012

Clarica MVPSegregated Funds

issued by Sun Life Assurance Company of Canada

A look inside

Overview............................................................................................................................ . 1

Independent Auditor’s Report ....................................................................................... . 2

Equity Funds

Clarica.MVP.Asian-Pacific.Non-RSP.Equity.Fund.................................................................... 3

Clarica.MVP.Asian-Pacific.RSP.Equity.Fund............................................................................ 8

Clarica.MVP.Equity.Fund.......................................................................................................... 13

Clarica.MVP.European.Growth.Fund....................................................................................... 18

Clarica.MVP.Global.Equity.Fund............................................................................................... 23

Clarica.MVP.Growth.Fund........................................................................................................ 28

Clarica.MVP.Small.Cap.American.Fund.................................................................................. 32

Clarica.MVP.U.S..Equity.Fund.............................................................................................. . 36

Balanced Funds

Clarica.MVP.Balanced.Fund..................................................................................................... 40

Income Funds

Clarica.MVP.Bond.Fund............................................................................................................ 45

Clarica.MVP.Dividend.Fund...................................................................................................... 50

Clarica.MVP.Money.Market.Fund............................................................................................ 55

Notes to the Financial Statements................................................................................... 59

Legal Notice...................................................................................................................... . 62

– 1 –

Enclosed are the Financial Statements for your CI Investments segregated

funds for the period ending December 31, 2012. Inside is important

information about each fund, including its financial statements for the

period and a list of the top portfolio holdings of the underlying fund as of

the end of the year.

Additional information about your funds can be found on our website,

www.ci.com.

If you have any questions about your investments, please contact your

financial advisor. CI is proud to partner with advisors across Canada.

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

You may also contact CI Client Services at 1-800-792-9355.

Thank you for investing with us.

CANADA’S INVESTMENT COMPANY

CI has been investing on behalf of Canadians since 1965 and has grown

to become one of Canada’s largest investment fund companies. We

manage over $75 billion on behalf of two million Canadians. CI is a

subsidiary of CI Financial Corp., a TSX-listed financial services firm

with $99 billion in assets at December 31, 2012.

CI provides one of the industry’s widest selections of investment products

and services and a strong lineup of leading portfolio management teams.

Our portfolio management expertise is offered through several platforms,

including mutual funds, tax-efficient funds, segregated funds, and

managed solutions.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

– 2 –Annual Financial Statements as at December 31, 2012

Clarica MVP Segregated FundsIndependent Auditor’s Report

To.the.Contractholders.of:

Clarica.MVP.Asian-Pacific.Non-RSP.Equity.Fund

Clarica.MVP.Asian-Pacific.RSP.Equity.Fund

Clarica.MVP.Balanced.Fund

Clarica.MVP.Bond.Fund

Clarica.MVP.Dividend.Fund

Clarica.MVP.Equity.Fund

Clarica.MVP.European.Growth.Fund

Clarica.MVP.Global.Equity.Fund.

Clarica.MVP.Growth.Fund

Clarica.MVP.Money.Market.Fund

Clarica.MVP.Small.Cap.American.Fund

Clarica.MVP.U.S..Equity.Fund

(collectively the “Funds”)

We. have. audited. the. accompanying. financial. statements. of. each. of. the. Funds,. which. comprise.

the.statement.of.investment.portfolio.as.at.December.31,.2012,.the.statements.of.net.assets.as.at.

December.31,.2012.and.December.31,.2011,.and. the.statements.of.operations.and.changes. in.net.

assets.for.the.years.ended.December.31,.2012.and.December.31,.2011,.and.the.related.notes,.which.

comprise.a.summary.of.significant.accounting.policies.and.other.explanatory.information.

Management’s responsibility for the financial statements

Management.is.responsible.for.the.preparation.and.fair.presentation.of.the.financial.statements.of.

each. of. the. Funds. in. accordance. with. Canadian. generally. accepted. accounting. principles,. and. for.

such.internal.control.as.management.determines.is.necessary.to.enable.the.preparation.of.financial.

statements.that.are.free.from.material.misstatement,.whether.due.to.fraud.or.error.

Auditor’s responsibility

Our. responsibility. is. to.express.an.opinion.on. the. financial.statements.of.each.of. the.Funds.based.

on. each. of. our. audits.. We. conducted. our. audits. in. accordance. with. Canadian. generally. accepted.

auditing.standards..Those.standards.require.that.we.comply.with.ethical.requirements.and.plan.and.

perform. an. audit. to. obtain. reasonable. assurance. about. whether. the. financial. statements. are. free.

from.material.misstatement..

An audit.involves.performing.procedures.to.obtain.audit.evidence.about.the.amounts.and.disclosures.

in. the. financial. statements.. The. procedures. selected. depend. on. the. auditor’s. judgment,. including..

the.assessment.of. the. risks.of.material.misstatement.of. the. financial. statements,.whether.due. to.

fraud.or.error.. In.making. those. risk.assessments,. the.auditor. considers. internal. control. relevant. to..

the. entity’s. preparation. and. fair. presentation. of. the. financial. statements. in. order. to. design. audit.

procedures.that.are.appropriate.in.the.circumstances,.but.not.for.the.purpose.of.expressing.an.opinion.

on.the.effectiveness.of.the.entity’s.internal.control..An.audit.also.includes.evaluating.the.appropriateness.

of.accounting.policies.used.and.the.reasonableness.of.accounting.estimates.made.by.management,.

as.well.as.evaluating.the.overall.presentation.of.the.financial.statements.

We. believe. that. the. audit. evidence. we. have. obtained. in. each. of. our. audits. is. sufficient. and.

appropriate.to.provide.a.basis.for.our.audit.opinion.

Opinion

In.our.opinion,.the.financial.statements.of.each.of.the.Funds.present.fairly,.in.all.material.respects,.

the. financial. position.of. each.of. the. Funds.as.at.December.31,. 2012.and.December.31,. 2011,. the.

results.of.each.of.their.operations.and.the.changes.in.each.of.their.net.assets.for.the.years.ended.

December. 31,. 2012. and. December. 31,. 2011. in. accordance. with. Canadian. generally. accepted.

accounting.principles.

Unaudited information

We. have. not. audited. the. information. in. the. Top. 25. Holdings. and. in. the. Financial. Highlights. and.

accordingly.do.not.express.an.opinion.on.these.schedules.

Chartered.Accountants,.Licensed.Public.Accountants.

Toronto,.Ontario.

April.26,.2013

– 3 –– 3 – CIG - 9250

No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($)

. .36,550.. .BHP.Billiton.Ltd... .1,160,768.. .1,399,617.

. .2,244,000.. .Bank.of.China.Ltd... .1,136,271.. .994,496.

. .34,400.. .Japan.Tobacco.Inc... .935,708.. .960,392.

. .78,000.. .Fuji.Heavy.Industries.Ltd... .470,635.. .960,300.

. .17,250.. .CSL.Ltd... .873,744.. .959,679.

. .212,400.. .Resona.Holdings.Inc... .874,845.. .952,666.

. .47,000.. .Daihatsu.Motor.Co.,.Ltd... .814,538.. .920,127.

. .756,285.. .Fubon.Financial.Holding.Co.,.Ltd... .887,699.. .906,655.

. .21,600.. .Nippon.Telegraph.&.Telephone.Corp... .1,664,992.. .897,140.

. .6,200.. .SK.Telecom.Co.,.Ltd... .781,273.. .882,443.

. .52,000.. .Daiwa.House.Industry.Co.,.Ltd... .774,258.. .879,977.

. .380,900.. .SJM.Holdings.Ltd... .738,043.. .878,188.

. .48,100.. .Sony.Financial.Holdings.Inc... .754,207.. .847,551.

. .71,400.. .Dainippon.Sumitomo.Pharma.Co.,.Ltd... .737,213.. .845,549.

. .1,767,000.. .PT.Perusahaan.Gas.Negara.Tbk.. .552,583.. .837,239.

. .114,800.. .Korea.Exchange.Bank.. .869,041.. .816,435.

. .126,750.. .Manila.Electric.Co... .733,759.. .798,589.

. .19,300.. .Oracle.Corp..(Japan).. .901,111.. .792,778.

. .56,000.. .CHIYODA.Corp... .717,655.. .786,840.

. .6,532.. .Doosan.Corp... .784,589.. .786,431.... .Cash.&.Equivalents.. ... .783,762.

. .29,050.. .Westpac.Banking.Corp... .777,754.. .780,791.

. .11,450.. .Rio.Tinto.Ltd... .587,524.. .780,123.

. .25,300.. .Aisin.Seiki.Co.,.Ltd... .862,711.. .771,178.

. .113,600.. .Advanced.Info.Services.PCL.. .716,662.. .769,983..

Clarica MVP Asian-Pacific Non-RSP Equity FundTop 25 Holdings of Underlying Fund (unaudited)

Annual Financial Statements as at December 31, 2012

– 4 –– 4 –Annual Financial Statements as at December 31, 2012

† The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund.For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.

Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. The accompanying notes are an integral part of these financial statements.

Statement of Investment Portfolio as at December 31, 2012

No. of Average FairUnits/Shares Investment Cost ($) Value ($)

. ..6,510.. CI.Pacific.Fund.(Class.A)†. .71,700.. .77,791... .. Total Investments (99.5%) 71,700 77,791 . . . Other Net Assets (Liabilities) (0.5%) 383 . . .. Net Assets (100.0%). . 78,174

Clarica MVP Asian-Pacific Non-RSP Equity FundFinancial Statements

AssetsInvestments.at.fair.value*.CashReceivable.for.unit.subscriptionsReceivable.for.securities.soldFees.rebate.receivableReceivable.for.distributions.and.interest

LiabilitiesBank.overdraftManagement.fees.payableAdministration.fees.payableFiling.fees.payableInsurance.fees.payablePayable.for.securities.purchased.Payable.for.unit.redemptions

Net.assets.and.unitholders’.equity

*Investments at cost

Net assets per unitClass.AClass.A.-.1987

Number of units outstanding (see Schedule of Fund Unit Transactions)

Class.AClass.A.-.1987

IncomeIncome.distribution.from.investmentsInterestFees.rebate

Expenses (Note.5)Management.feesAdministrative.feesInsurance.feesCustody.feesLegal.feesAudit.feesHarmonized.sales.tax

Net investment income (loss) for the year

Realized and unrealized gain (loss) on investments Realized.gain.(loss).on.investmentsCapital.gain.distribution.. from.investmentsChange.in.unrealized.appreciation.. (depreciation).of.investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit)

Statements of Operations for the years ended December 31(in $000’s)

Statements of Net Assets as at December 31 (in $000’s except for per unit amounts and units outstanding)

Net assets, beginning of year

Capital transactionsProceeds.from.units.issued.Payments.for.units.redeemed

Increase (decrease) in net assets from operationsNet assets, end of year

Statements of Changes in Net Assets for the years ended December 31(in $000’s)

2012 2011

. 78. 80

. –. 1

. –. –

. –. –

. –. –

. –. –

. 78. 81

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 78. 81

. 72. 80

. 11.56. 10.61

. 11.67. 10.68

. 5,830. 7,352

. 926. 255

2012 2011

. 1. 2

. –. –

. 2. –

. 3. 2

. 2. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 2. –

. 1. 2

. –. 1

. –. –

. 6. (18)

. 6. (17)

. 7. (15)

2012 2011

81. 105

8. 1(18). (10)(10). (9)

7. (15)78. 81

– 5 –– 5 –

Clarica MVP Asian-Pacific Non-RSP Equity FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)


For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.The accompanying notes are an integral part of these financial statements.

Supplementary Schedules Class A Class A - 1987 2012 2011 2012 2011.

ScheduleofFundUnitTransactionsNumber of units, beginning of yearUnits.issued.for.cash.Units.redeemedNumber of units, end of year

ScheduleofIncrease(Decrease)inNetAssetsfromOperationsperUnit

Increase.(decrease).in.net.assets.from.. operations.per.unit.($).(1)

(1)..Increase.(decrease).in.net.assets.from.operations.per.unit.of.the.class.is.calculated.by.dividing.the.increase.(decrease).in.net.assets.from.operations.for.the.relevant.class.by.the.weighted.average.number.of.units.outstanding.of.the.class.during.

the.year.

Financial Highlights (unaudited)The.following.table.shows.selected.key.financial.information.about.the.Fund.and.is.intended.to.help.you.understand.the.Fund’s.financial.performance.for.the.past.five.years,.as.applicable.

Class A Class A - 1987 2012 2011 2010 2009 2008 2012 2011 2010 2009.TheFund’sNetAssetValueperUnitNet.asset.value.at.December.31,.. of.year.shown.($).(1)

RatiosandSupplementalDataNet.assets.($000’s).(1)

Number.of.units.outstanding.(1)

Portfolio.turnover.rate.(%).(2)

Management expense ratio Management.expense.ratio.before.taxes.(%).(3)

Goods.and.services.tax/. Harmonized.sales.tax.expenses.(%).(3)

Management.expense.ratio.after.taxes.(%).(3)

GST/Effective.HST.rate,.for.the.prior.. calendar.year.or.period.(%).(3)

(1).This.information.is.provided.as.at.December.31,.of.the.year.shown.

(2)..The.Fund’s.portfolio.turnover.rate.indicates.how.actively.the.Fund’s.portfolio.advisor.manages.its.portfolio.investments..A.portfolio.turnover.rate.of.100%.is.equivalent.to.the.Fund.buying.and.selling.all.of.the.securities.in.its.portfolio.once.in.the.

course.of.the.year..The.higher.a.fund’s.portfolio.turnover.rate.in.a.year,.the.greater.the.trading.costs.payable.by.the.fund.in.the.year,.and.the.greater.the.chance.of.an.investor.receiving.taxable.capital.gains.in.the.year..There.is.not.necessarily.

a.relationship.between.a.high.turnover.rate.and.the.performance.of.a.fund.

(3)..Management.expense.information.is.calculated.based.on.expenses.charged.directly.to.the.Fund.plus,.if.applicable,.expenses.of.the.underlying.mutual.fund,.calculated.on.a.weighted.average.basis.on.the.percentage.weighting.of.the.underlying.

mutual.fund.and.is.expressed.as.an.annualized.percentage.of.average.net.assets.for.the.years.shown..As.of.July.1,.2010,.Ontario.combined.the.federal.goods.and.services.tax.(“GST”.-.5%).with.the.provincial.retail.sales.tax.(“PST”.-.8%)...

The.combination.resulted.in.a.Harmonized.sales.tax.(“HST”).rate.of.13%..The.Effective.HST.tax.rate.is.calculated.using.the.attribution.percentage.for.each.province.based.on.unitholder.residency.and.can.be.different.from.13%..For.any.particular.

year,.the.rate.shown.will.be.prorated.based.on.the.different.rates.in.effect.during.that.year..For.the.year.ended.December.31,.2010.the.rate.applied.is.5%.for.the.period.January.1,.2010.to.June.30,.2010.and.the.Fund’s.Effective.HST.rate.for.

the.period.from.July.1,.2010.to.December.31,.2010..The.rate.shown.for.the.year.ended.December.31,.2010.is.the.time.weighted.average.of.these.rates.

. 7,352. . 8,128. 255. . 255.

. 88. . 83. 671. . –.

. (1,610). . (859). –. . –.

. 5,830. . 7,352. 926. . 255.

.

. . 0.89. (1.90). 1.74. . (1.90).

. 11.56. 10.61. 12.54. 11.41. 11.40. 11.67. 10.68. 12.59. 11.43. .

. 67. 78. 102. 118. 159. 11. 3. 3. 3. .

. 5,830. 7,352. 8,128. 10,368. 13,943. 926. 255. 255. 255. .

. 11.29. 2.48. 0.89. 0.87. 13.17. 11.29. 2.48. 0.89. 0.87. .

. 2.71. 2.72. 2.71. 2.54. 2.45. 2.46. 2.47. 2.47. 2.47. .

. 0.27. 0.27. 0.22. 0.13. 0.12. 0.30. 0.24. 0.19. 0.11. .

. 2.98. 2.99. 2.93. 2.67. 2.57. 2.76. 2.71. 2.66. 2.58. .

. 9.69. 9.76. 7.42. 5.00. 5.00. 12.00. 12.00. 8.53. 5.00. .

– 6 –– 6 –

The.CI.Pacific.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Japan....................................................................................................................................... 36.1Australia................................................................................................................................... 12.7South.Korea............................................................................................................................. 12.5China........................................................................................................................................ 9.8Taiwan..................................................................................................................................... 7.1Hong.Kong................................................................................................................................ 7.1Indonesia.................................................................................................................................. 3.1Philippines................................................................................................................................ 2.2Cash.&.Equivalents.................................................................................................................. 1.9Thailand................................................................................................................................... 1.8India......................................................................................................................................... 1.7Singapore................................................................................................................................. 1.0Ireland...................................................................................................................................... 0.7Malaysia.................................................................................................................................. 0.7New.Zealand............................................................................................................................ 0.6U.S.A........................................................................................................................................ 0.5Cayman.Islands........................................................................................................................ 0.4Other.Net.Assets.(Liabilities).................................................................................................. 0.1

as at December 31, 2011.Categories. Net.Assets.(%)Japan....................................................................................................................................... 38.0Australia................................................................................................................................... 14.6.South.Korea............................................................................................................................. 9.1China........................................................................................................................................ 8.4Taiwan..................................................................................................................................... 8.4Hong.Kong................................................................................................................................ 6.3Singapore................................................................................................................................. 3.5Indonesia.................................................................................................................................. 2.4Cash.&.Equivalents.................................................................................................................. 2.3India......................................................................................................................................... 2.3Philippines................................................................................................................................ 2.3Cayman.Islands........................................................................................................................ 0.9U.S.A........................................................................................................................................ 0.6Bermuda................................................................................................................................... 0.5New.Zealand............................................................................................................................ 0.4

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive.to.changes.in.general.economic.conditions.across.Asian-Pacific.region..The.Underlying.Fund.was.invested.in.foreign.stocks.

As. at. December. 31,. 2012,. had. the. Asian-Pacific. markets. increased. or. decreased. by. 10%.(December. 31,. 2011. -. 10%),. with. all. other. variables. held. constant,. net. assets. of. the. Fund..would.have. increased.or.decreased,.respectively,.by.approximately.$8,000.(December.31,.2011.-.$8,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.had.insignificant.exposure.to.credit. risk.as. it. invested.predominantly..in.stocks.

Clarica MVP Asian-Pacific Non-RSP Equity FundFund Specific Financial Instruments Risks (Note 9)

The accompanying notes are an integral part of these financial statements.

Currency Risk The.Fund.indirectly.bears.the.currency.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.currency.risk.as.it.invested.predominantly.in.stocks.that.were.denominated.in.currencies.other.than.Canadian.dollars,.the.functional.currency.of.the.Fund.and.the.Underlying.Fund..As.a.result,.the.Fund.was.affected.by.fluctuations.in.the.value.of.such.currencies.relative.to.the.Canadian.dollar.

The.tables.below.summarize.the.Underlying.Fund’s.exposure.to.currency.risk.

as at December 31, 2012Currency Net Assets (%)Japanese.Yen. 36.1.Hong.Kong.Dollar. 17.2.Australian.Dollar. 13.5.Korean.Won. 12.5.Taiwan.Dollar. 7.1.Indonesian.Rupiah. 3.0.US.Dollar. 2.3.Philippine.Peso. 2.2.Thai.Baht. 1.8.Indian.Rupee. 1.7.Singapore.Dollar. 1.0.Malaysian.Ringgit. 0.7.New.Zealand.Dollar. 0.6.Total. .99.7.

as at December 31, 2011Currency Net Assets (%)Japanese.Yen. 38.0.Hong.Kong.Dollar. 15.8.Australian.Dollar. 14.5.Korean.Won. 9.1.Taiwan.Dollar. 8.4.Singapore.Dollar. 3.5.US.Dollar. 3.2.Indonesian.Rupiah. 2.4.Indian.Rupee. 2.3.Philippine.Peso. 2.3.New.Zealand.Dollar. 0.5Total. 100.0

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,. 2011. -. 10%). in. relation. to. all. other. foreign. currencies. held. in. the. Underlying. Fund,. with. all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.indirectly.decreased.or.increased,.respectively,.by.approximately.$8,000.(December.31,.2011.-.$8,000)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Interest Rate Risk The.Fund.indirectly.bears.the.interest.rate.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.had.insignificant.exposure.to.interest.rate.risk.as.substantially.all.of.its.assets.were.invested.in.stocks.


– 7 –– 7 –

Clarica MVP Asian-Pacific Non-RSP Equity FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



Fair Value HierarchyThe.tables.below.summarize.the.inputs.used.by.the.Fund.in.valuing.the.Fund’s.investments.carried.at.fair.value.

Long.Positions.at.fair.value.as.at.December.31,.2012Level.1. .Level.2. .Level.3. .Total

.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .78.. .-.. .-.. .78.Total. ...78.. .-.. .-.. .78..


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .80.. .-.. .-.. .80Total. ..80.. .-.. .-.. .80.

– 8 – CIG - 9251


. .36,550.. .BHP.Billiton.Ltd... .1,160,768.. .1,399,617.

. .2,244,000.. .Bank.of.China.Ltd... .1,136,271.. .994,496.

. .34,400.. .Japan.Tobacco.Inc... .935,708.. .960,392.

. .78,000.. .Fuji.Heavy.Industries.Ltd... .470,635.. .960,300.

. .17,250.. .CSL.Ltd... .873,744.. .959,679.

. .212,400.. .Resona.Holdings.Inc... .874,845.. .952,666.

. .47,000.. .Daihatsu.Motor.Co.,.Ltd... .814,538.. .920,127.

. .756,285.. .Fubon.Financial.Holding.Co.,.Ltd... .887,699.. .906,655.

. .21,600.. .Nippon.Telegraph.&.Telephone.Corp... .1,664,992.. .897,140.

. .6,200.. .SK.Telecom.Co.,.Ltd... .781,273.. .882,443.

. .52,000.. .Daiwa.House.Industry.Co.,.Ltd... .774,258.. .879,977.

. .380,900.. .SJM.Holdings.Ltd... .738,043.. .878,188.

. .48,100.. .Sony.Financial.Holdings.Inc... .754,207.. .847,551.

. .71,400.. .Dainippon.Sumitomo.Pharma.Co.,.Ltd... .737,213.. .845,549.

. .1,767,000.. .PT.Perusahaan.Gas.Negara.Tbk.. .552,583.. .837,239.

. .114,800.. .Korea.Exchange.Bank.. .869,041.. .816,435.

. .126,750.. .Manila.Electric.Co... .733,759.. .798,589.

. .19,300.. .Oracle.Corp..(Japan).. .901,111.. .792,778.

. .56,000.. .CHIYODA.Corp... .717,655.. .786,840.

. .6,532.. .Doosan.Corp... .784,589.. .786,431.... .Cash.&.Equivalents.. ... .783,762.

. .29,050.. .Westpac.Banking.Corp... .777,754.. .780,791.

. .11,450.. .Rio.Tinto.Ltd... .587,524.. .780,123.

. .25,300.. .Aisin.Seiki.Co.,.Ltd... .862,711.. .771,178.

. .113,600.. .Advanced.Info.Services.PCL.. .716,662.. .769,983..

Clarica MVP Asian-Pacific RSP Equity FundTop 25 Holdings of Underlying Fund (unaudited)







. ...68,427.. CI.Pacific.Fund.(Class.A)†. .712,673.. .817,698.... .. Total Investments (99.5%) 712,673 817,698 . . Other Net Assets (Liabilities) (0.5%) 4,227 . .. Net Assets (100.0%). . 821,925

Clarica MVP Asian-Pacific RSP Equity FundFinancial Statements


















2012 2011

. 818. 1,053

. 4. 1

. –. –

. –. –

. –. –

. –. –

. 822. 1,054

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 822. 1,054

. 713. 996

. 12.38. 11.36

. 12.49. 11.43

. 63,251. 85,482

. 3,099. 7,240

2012 2011

. 6. 23

. –. –

. 20. –

. 26. 23

. 18. –

. 2. 1

. 4. 4

. –. –

. –. –

. –. –

. –. 1

. 24. 6

. 2. 17

. 30. 36

. –. –

. 48. (261)

. 78. (225)

. 80. (208)

2012 2011

1,054. 1,465

13. 30(325). (233)

. (312). (203)

. 80. (208)

. 822. 1,054

– 10 –

Clarica MVP Asian-Pacific RSP Equity FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.



















. 85,482. . 101,121. 7,240. . 7,857.

. 1,118. . 2,327. –. . –.

. (23,349). . (17,966). (4,141). . (617).

. 63,251. . 85,482. 3,099. . 7,240.

.

. . 1.00. (2.07). 1.65. . (2.04).

. 12.38. 11.36. 13.44. 12.23. 12.22. 12.49. 11.43. 13.48. 12.23. .

. 783. 971. 1,359. 1,467. 1,864. 39. 83. 106. 105. .

. 63,251. 85,482. 101,121. 120,016. 152,588. 3,099. 7,240. 7,857. 8,602. .

. 1.16. 3.45. 1.69. 1.03. 4.17. 1.16. 3.45. 1.69. 1.03. .

. 2.71. 2.72. 2.71. 2.54. 2.45. 2.46. 2.47. 2.46. 2.46. .

. 0.27. 0.27. 0.22. 0.13. 0.12. 0.24. 0.24. 0.19. 0.12. .

. 2.98. 2.99. 2.93. 2.67. 2.57. 2.70. 2.71. 2.65. 2.58. .

. 9.90. 10.00. 7.55. 5.00. 5.00. 7.27. 7.52. 6.25. 5.00. .

– 11 –

The.CI.Pacific.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Japan........................................................................................................................................ . 36.1Australia.................................................................................................................................... . 12.7South.Korea.............................................................................................................................. . 12.5China......................................................................................................................................... . 9.8Taiwan...................................................................................................................................... . 7.1Hong.Kong................................................................................................................................. . 7.1Indonesia................................................................................................................................... . 3.1Philippines................................................................................................................................. . 2.2Cash.&.Equivalents................................................................................................................... . 1.9Thailand.................................................................................................................................... . 1.8India.......................................................................................................................................... . 1.7Singapore.................................................................................................................................. . 1.0Ireland....................................................................................................................................... . 0.7Malaysia................................................................................................................................... . 0.7New.Zealand............................................................................................................................. . 0.6U.S.A......................................................................................................................................... . 0.5Cayman.Islands......................................................................................................................... . 0.4Other.Net.Assets.(Liabilities)................................................................................................... . 0.1

as at December 31, 2011.Categories. Net.Assets.(%)Japan........................................................................................................................................ . 38.0Australia.................................................................................................................................... . 14.6South.Korea.............................................................................................................................. . 9.1China......................................................................................................................................... . 8.4Taiwan...................................................................................................................................... . 8.4Hong.Kong................................................................................................................................. . 6.3Singapore.................................................................................................................................. . 3.5Indonesia................................................................................................................................... . 2.4Cash.&.Equivalents................................................................................................................... . 2.3India.......................................................................................................................................... . 2.3Philippines................................................................................................................................. . 2.3Cayman.Islands......................................................................................................................... . 0.9U.S.A......................................................................................................................................... . 0.6Bermuda.................................................................................................................................... . 0.5New.Zealand............................................................................................................................. . 0.4

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive.to.changes. in.general.economic.conditions.across. the.Asian-Pacific. region..The.Underlying.Fund.was.invested.in.foreign.stocks.

As. at. December. 31,. 2012,. had. the. Asian-Pacific. markets. increased. or. decreased. by. 10%.(December.31,.2011. -.10%),.with.all.other.variables.held.constant,.net.assets.of. the.Fund.would.have. increased. or. decreased,. respectively,. by. approximately. $82,000. (December. 31,. 2011. -.$105,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.


Clarica MVP Asian-Pacific RSP Equity FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2012Currency Net Assets (%)Japanese.Yen. 36.1.Hong.Kong.Dollar. 17.2.Australian.Dollar. 13.5.Korean.Won. 12.5.Taiwan.Dollar. 7.1.Indonesian.Rupiah. 3.0.US.Dollar. 2.3.Philippine.Peso. 2.2.Thai.Baht. 1.8.Indian.Rupee. 1.7.Singapore.Dollar. 1.0.Malaysian.Ringgit. 0.7.New.Zealand.Dollar. 0.6...Total. . . .99.7..

as at December 31, 2011Currency Net Assets (%)Japanese.Yen. . . 38.0.Hong.Kong.Dollar. . . 15.8.Australian.Dollar. . . 14.5.Korean.Won. . . 9.1.Taiwan.Dollar. . . 8.4.Singapore.Dollar. . . 3.5.US.Dollar. . . 3.2.Indonesian.Rupiah. . . 2.4.Indian.Rupee. . . 2.3.Philippine.Peso. . . 2.3.New.Zealand.Dollar. . . 0.5..Total. . . .100.0.

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,.2011.-.10%).in.relation.to.all.other.foreign.currencies.held.in.the.Underlying.Fund,.with.all.other.variables.held. constant,. net. assets.of. the. Fund.would.have. indirectly. decreased.or. increased,. respectively,. by.approximately.$82,000.(December.31,.2011.-.$105,000)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.



– 12 –

Clarica MVP Asian-Pacific RSP Equity FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ..818.. .-.. .-.. .818.Total. .818.. .-.. .-.. .818.


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .1,053.. .-.. .-.. .1,053Total. .1,053.. .-.. .-.. .1,053

– 13 – CIG - 9254


... .Cash.&.Equivalents.. ... .42,812,516.. .662,200.. .Royal.Bank.of.Canada.. .35,433,555.. .39,652,536.. .646,400.. .The.Bank.of.Nova.Scotia... .34,034,166.. .37,142,144.. .403,120.. .Toronto-Dominion.Bank.. .27,762,648.. .33,761,300.. .901,821.. .Suncor.Energy.Inc... .30,092,434.. .29,498,565.. .292,300.. .Canadian.Imperial.Bank.of.Commerce.. .21,972,105.. .23,375,231.. .256,795.. .Canadian.National.Railway.Co... .15,902,513.. .23,196,292.. .305,300.. .Intact.Financial.Corp... .14,750,018.. .19,774,281.. .1,216,500.. .Manulife.Financial.Corp... .16,251,372.. .16,434,915.. .342,500.. .TransCanada.Corp... .14,975,101.. .16,104,350.. .282,800.. .Magna.International.Inc.,.Class.A.. .9,618,506.. .14,049,504.. .282,600.. .Rogers.Communications.Inc.,.Class.B.. .12,034,070.. .12,762,216.. .181,600.. .Canadian.Tire.Corp.,.Ltd.,.Class.A,.

. .Non-Voting.Shares.. .10,623,618.. .12,599,408.. .522,200.. .Gibson.Energy.Inc... .9,687,371.. .12,558,910.. .364,350.. .Cenovus.Energy.Inc... .12,088,034.. .12,129,212.. .254,850.. .IGM.Financial.Inc... .10,819,816.. .10,601,760.. .529,700.. .EnCana.Corp... .11,178,282.. .10,413,902.. .159,500.. .TELUS.Corp... .8,805,113.. .10,383,450.. .520,800.. .WestJet.Airlines.Ltd... .7,015,501.. .10,317,048.. .253,700.. .Potash.Corp..of.Saskatchewan.Inc... .11,053,004.. .10,269,776.. .587,100.. .Yamana.Gold.Inc... .9,655,584.. .10,045,281.. .912,200.. .New.Gold.Inc... .10,059,828.. .10,043,322.. .395,800.. .Finning.International.Inc... .8,675,914.. .9,724,806.. .395,600.. .CGI.Group.Inc... .6,099,620.. .9,075,064.. .171,400.. .eBay.Inc... .7,607,432.. .8,681,022..

Clarica MVP Equity FundTop 25 Holdings of Underlying Fund (unaudited)







. .1,749,526.. Synergy.Canadian.Corporate.Class.(A.Shares)†. .17,410,202.. .24,300,911.... . .. Total Investments (99.4%) 17,410,202 24,300,911 . . Other Net Assets (Liabilities) (0.6%) 149,476 . .. Net Assets (100.0%). . 24,450,387

Clarica MVP Equity FundFinancial Statements













2012 2011

. 24,301. 28,730

. 149. 153

. –. –

. 23. 5

. –. –

. –. –

. 24,473. 28,888

. –. –

. –. –

. 1. –

. –. –

. 1. –

. –. –

. 21. –

. 23. –

. 24,450. 28,888

. 17,410. 21,658

. 38.22. 36.10

. 38.59. 36.34

. 554,339. 701,283

. 84,532. 98,282





2012 2011

28,888. 35,984

608. 746(6,606). (4,882)(5,998). (4,136)

1,560. (2,960)24,450. 28,888


2012 2011

. 200. 248

. 1. 2

. 582. –

. 783. 250

. 531. –

. 64. 13

. 111. 137

. –. –

. –. –

. –. –

. 13. 16

. 719. 166

. 64. 84

. 1,677. 1,346

. –. –

. (181). (4,390)

. 1,496. (3,044)

. 1,560. (2,960)

– 15 –

38.22 36.10 39.68 35.16 28.02 38.59 36.34 39.83 35.19

21,188 25,316 31,738 32,672 34,072 3,262 3,572 4,246 4,279554,339 701,283 799,849 929,275 1,215,898 84,532 98,282 106,607 121,603

0.96 1.19 1.02 2.17 0.76 0.96 1.19 1.02 2.17

2.69 2.70 2.69 2.54 2.43 2.43 2.45 2.44 2.45

0.28 0.28 0.23 0.13 0.13 0.25 0.25 0.21 0.122.97 2.98 2.92 2.67 2.56 2.68 2.70 2.65 2.57

10.43 10.51 7.74 5.00 5.00 9.36 9.61 7.16 5.00

Clarica MVP Equity FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 701,283. . 799,849. 98,282. . 106,607.

. 15,720. . 16,997. 581. . 2,441.

. (162,664). . (115,563). (14,331). . (10,766).

. 554,339. . 701,283. 84,532. . 98,282.

.

. . 2.16. (3.51). 2.34. . (3.38).



















– 16 –

The.Synergy.Canadian.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Financials.................................................................................................................................. . 24.9Energy....................................................................................................................................... . 18.3Consumer.Discretionary............................................................................................................ . 12.2Materials................................................................................................................................... . 12.0Industrials................................................................................................................................. . 8.5Information.Technology............................................................................................................ . 6.6Health.Care............................................................................................................................... . 4.5Consumer.Staples..................................................................................................................... . 3.9Cash.&.Equivalents................................................................................................................... . 3.9Telecommunication.Services.................................................................................................... . 3.2Utilities...................................................................................................................................... . 1.2Other.Net.Assets.(Liabilities)................................................................................................... . 0.7Private.Placements................................................................................................................... . 0.1

as at December 31, 2011.Categories. Net.Assets.(%)Energy....................................................................................................................................... . 23.9Financials.................................................................................................................................. . 21.9Materials................................................................................................................................... . 14.2Industrials................................................................................................................................. . 9.5Consumer.Discretionary............................................................................................................ . 8.1Information.Technology............................................................................................................ . 6.5Health.Care............................................................................................................................... . 3.9Telecommunication.Services.................................................................................................... . 3.8Consumer.Staples..................................................................................................................... . 3.4Cash.&.Equivalents................................................................................................................... . 2.3Utilities...................................................................................................................................... . 1.2Other.Net.Assets.(Liabilities)................................................................................................... . 1.1Foreign.Currency.Forward.Contracts........................................................................................ . 0.2

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive.to. changes. in. general. economic. conditions. in. Canada.. The. Underlying. Fund. was. invested. in.Canadian.stocks.

As.at.December.31,.2012,.had.the.Canadian.markets.increased.or.decreased.by.10%.(December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or.decreased,.respectively,.by.approximately.$2,430,000.(December.31,.2011.-.$2,873,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.


Clarica MVP Equity FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The.Fund.indirectly.bears.the.currency.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.currency.risk,.as.some.of.its.investments.were.denominated.in.currencies.other.than.Canadian.dollars,.the.functional.currency.of.the.Fund.and.the.Underlying.Fund..As.a.result,.the.Fund.was.affected.by.fluctuations.in.the.value.of.such.currencies.relative.to.the.Canadian.dollar.


as at December 31, 2012Currency. Net Assets (%)US.Dollar. 20.1.Euro. 2.2.Japanese.Yen. 1.8.British.Pound. 1.7.Hong.Kong.Dollar. 1.1.Korean.Won. 1.0.Swiss.Franc. 0.7.Taiwan.Dollar. 0.6.Norwegian.Krone. 0.4.Thai.Baht. 0.3.Australian.Dollar. 0.3.Malaysian.Ringgit. 0.3.Danish.Krone. 0.2.Mexican.Peso. 0.2.South.Africa.Rand. 0.2.Singapore.Dollar. 0.2.Swedish.Krona. 0.2.Turkish.Lira. 0.1.Brazilian.Real. 0.1.Israeli.Shekel. 0.1..Total. .31.8..

as at December 31, 2011Currency. . . . Net Assets (%)US.Dollar. 14.1Euro. 1.8.British.Pound. 1.5.Japanese.Yen. 1.4.Australian.Dollar. 0.7.Hong.Kong.Dollar. 0.7.Korean.Won. 0.7.Swiss.Franc. 0.6.Taiwan.Dollar. 0.6.Swedish.Krona. 0.5.Norwegian.Krone. 0.4.Singapore.Dollar. 0.1.South.Africa.Rand. 0.1.Danish.Krone. 0.1.Mexican.Peso. 0.1.Polish.Zloty. 0.1Total. .23.5.



– 17 –

Clarica MVP Equity FundFund Specific Financial Instruments Risks (Note 9) (cont’d)






.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ...24,301.. .-.. .-.. .24,301...Total. .24,301.. .-.. .-.. .24,301..


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ..28,730.. .-.. .-.. .28,730..Total. ...28,730.. .-.. .-.. .28,730.

– 18 – CIG - 9258


... .Cash.&.Equivalents.. ... .21,789,466.. .7,500.. .Samsung.Electronics.Co.,.Ltd... .6,636,453.. .10,653,710.. .150,250.. .Nestle.S.A.,.Registered.Shares.. .9,166,296.. .9,710,051.. .79,300.. .Bayer.AG.. .5,490,082.. .7,467,159.. .34,300.. .Roche.Holding.AG.. .6,556,779.. .6,843,412.. .16,528.. .Syngenta.AG.. .5,059,534.. .6,570,123.. .174,650.. .Royal.Dutch.Shell.PLC,.Class.A.. .5,969,586.. .5,978,405.. .84,950.. .Schlumberger.Ltd... .6,157,671.. .5,843,238.. .515,400.. .Fleury.S.A... .5,763,069.. .5,757,027.. .1,271,350.. .Telstra.Corp.,.Ltd... .4,252,285.. .5,734,486.. .1,480,750.. .BT.Group.PLC.. .4,824,043.. .5,520,178.. .2,393,700.. .Global.Logistic.Properties.Ltd... .3,946,055.. .5,408,480.. .95,150.. .UCB.S.A... .4,255,997.. .5,386,507.. .852,050.. .Kasikornbank.PCL,.Foreign.Registered.Shares.. .3,553,836.. .5,346,904.. .468,900.. .Westfield.Group.. .4,092,897.. .5,110,838.. .81,650.. .Novartis.AG,.Registered.Shares.. .4,809,028.. .5,086,359.. .105,844.. .Wolseley.PLC.. .3,665,615.. .4,951,487.. .1,107,550.. .Barclays.PLC.. .3,854,924.. .4,688,118.. .24,659.. .LVMH.Moet.Hennessy.Louis.Vuitton.S.A... .4,069,007.. .4,483,102.. .5,363,400.. .PT.Bank.Mandiri.. .4,037,835.. .4,474,870.. .63,100.. .KDDI.Corp... .4,649,714.. .4,396,901.. .1,085,600.. .Hang.Lung.Properties.Ltd... .3,853,711.. .4,282,769.. .26,600.. .SPDR.Gold.Trust.. .4,473,162.. .4,278,023.. .83,357.. .British.American.Tobacco.PLC.. .3,861,180.. .4,196,693.. .195,600.. .ABB.Ltd... .3,767,261.. .3,976,774..

Clarica MVP European Growth FundTop 25 Holdings of Underlying Fund (unaudited)







.. .97,347.. Signature.International.Corporate.Class.(A.Shares)†. .806,230.. .865,412.... . Total Investments (99.6%) 806,230 865,412. . Other Net Assets (Liabilities) (0.4%) 3,298. . . Net Assets (100.0%) 868,710

Clarica MVP European Growth FundFinancial Statements













2012 2011

. 865. 1,077

. 3. 3

. –. –

. 1. –

. –. –

. –. –

. 869. 1,080

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 869. 1,080

. 806. 1,612

. 9.22. 7.95

. 9.30. 8.00

. 90,743. 132,372

. 3,474. 3,481





2012 2011

1,080. 1,420

25. 20(375). (218)

. (350). (198)

. 139. (142)

. 869. 1,080


2012 2011

. 9. 6

. –. –

. 21. –

. 30. 6

. 24. 6

. 3. 1

. 4. 6

. –. –

. –. –

. –. –

. 1. 1

. 32. 14

. (2). (8)

. (453). (84)

. –. –

. 594. (50)

. 141. (134)

. 139. (142)

– 20 –

9.22 7.95 8.95 8.97 8.26 9.30 8.00 8.98 8.98

837 1,052 1,378 1,599 1,941 32 28 42 6090,743 132,372 154,118 178,266 234,988 3,474 3,481 4,648 6,67096.72 1.10 1.17 1.43 5.44 96.72 1.10 1.17 1.43

3.21 3.22 3.21 3.05 2.95 2.96 2.97 2.96 2.96

0.31 0.31 0.25 0.15 0.15 0.29 0.29 0.23 0.153.52 3.53 3.46 3.20 3.10 3.25 3.26 3.19 3.11

10.36 10.35 7.64 5.00 5.00 10.26 10.01 7.53 5.00

Clarica MVP European Growth FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 132,372. . 154,118. 3,481. . 4,648.

. 2,651. . 2,252. 106. . 104.

. (44,280). . (23,998). (113). . (1,271).

. 90,743. . 132,372. 3,474. . 3,481.

.

. . 1.24. (0.97). 1.31. . (0.91).



















– 21 –

The.Signature.International.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)U.K............................................................................................................................................. .13.2Switzerland............................................................................................................................... .10.4Japan........................................................................................................................................ . 9.2U.S.A......................................................................................................................................... . 6.9Cash.&.Equivalents................................................................................................................... . 6.1Australia.................................................................................................................................... . 5.4Netherlands.............................................................................................................................. . 5.1Hong.Kong................................................................................................................................. . 4.0France........................................................................................................................................ . 3.8South.Korea.............................................................................................................................. . 3.7Germany.................................................................................................................................... . 3.7Brazil......................................................................................................................................... . 3.2Thailand.................................................................................................................................... . 2.8Mexico...................................................................................................................................... . 2.4Belgium..................................................................................................................................... . 2.3China......................................................................................................................................... . 2.3Indonesia................................................................................................................................... . 1.7Netherlands.Antilles................................................................................................................. . 1.6Sweden..................................................................................................................................... . 1.5Singapore.................................................................................................................................. . 1.5Jersey.Island............................................................................................................................. . 1.4Russia........................................................................................................................................ . 1.2Bermuda.................................................................................................................................... . 1.1Denmark.................................................................................................................................... . 0.9Taiwan...................................................................................................................................... . 0.8Norway...................................................................................................................................... . 0.7Italy........................................................................................................................................... . 0.6Cayman.Islands......................................................................................................................... . 0.6Spain......................................................................................................................................... . 0.5Israel......................................................................................................................................... . 0.4Other.Net.Assets.(Liabilities)................................................................................................... . 0.3Turkey........................................................................................................................................ . 0.3Poland....................................................................................................................................... . 0.2Austria....................................................................................................................................... . 0.2Chile.......................................................................................................................................... . 0.2Czech.Republic.......................................................................................................................... . 0.2Foreign.Currency.Forward.Contracts........................................................................................ . (0.4)

Clarica MVP European Growth FundFund Specific Financial Instruments Risks (Note 9)


The.CI.European.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2011.Categories. Net.Assets.(%)U.K............................................................................................................................................. . 36.7Cash.&.Equivalents................................................................................................................... . 22.2Switzerland............................................................................................................................... . 12.5Germany.................................................................................................................................... . 12.1France........................................................................................................................................ . 4.8Netherlands.............................................................................................................................. . 3.5Norway...................................................................................................................................... . 2.8Sweden..................................................................................................................................... . 1.3Turkey........................................................................................................................................ . 1.1Jersey.Island............................................................................................................................. . 1.1Belgium..................................................................................................................................... . 0.9Italy........................................................................................................................................... . 0.7Finland....................................................................................................................................... . 0.6Other.Net.Assets.(Liabilities)................................................................................................... . (0.3)

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..

As.at.December.31,.2012,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive. to.changes. in.general.economic.conditions.across. the.world..The.Underlying.Fund.was.invested.in.foreign.stocks..

As. at. December. 31,. 2011,. the. Underlying. Fund. was. exposed. to. other. price. risk. as. its. holdings.were.sensitive.to.changes.in.general.economic.conditions.across.Europe..The.Underlying.Fund.was.invested.in.European.stocks.

As. at. December. 31,. 2012,. had. the. global. and. European. markets. increased. or. decreased. by.10%. (December.31,. 2011. -. 10%),.with.all. other. variables.held. constant,. net.assets.of. the. Fund.would.have. increased.or.decreased,. respectively,.by.approximately.$87,000. (December.31,.2011.-. $108,000).. In. practice,. actual. results. may. differ. from. this. analysis. and. the. difference. may. be.material.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.had.insignificant.exposure.to.credit. risk.as. it. invested.predominantly.in.stocks.

The.Underlying.Fund.was. invested. in. fixed. income.securities,.preferred.securities.and.derivative.instruments,.if.any,.with.the.following.credit.ratings,.as.per.table.below.

as at December 31, 2012^Credit Rating Net Assets (%)AA/Aa/A+. 0.1.Not.Rated. 0.8.Total 2.2.0.9

^ Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services, respectively.


– 22 –

Clarica MVP European Growth FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Currency. Net Assets (%)US.Dollar. . . 13.7.Swiss.Franc. . . 10.3.Japanese.Yen. . . 8.9.British.Pound. . . 8.0.Euro. . . 7.3.Hong.Kong.Dollar. . . 7.1.Korean.Won. . . 3.7.Brazilian.Real. . . 3.3.Thai.Baht. . . 2.9.Australian.Dollar. . . 2.8.Indonesian.Rupiah. . . 1.7.Swedish.Krona. . . 1.5.Singapore.Dollar. . . 1.5.Mexican.Peso. . . 1.0.Danish.Krone. . . 0.9.Taiwan.Dollar. . . 0.9.Norwegian.Krone. . . 0.7.Indian.Rupee. . . 0.5.Israeli.Shekel. . . 0.4.Turkish.Lira. . . 0.3.Polish.Zloty. . . 0.2.Czech.Koruna. . . 0.2.Total. . . 77.8.

as at December 31, 2011Currency. Net Assets (%)Euro. . . 45.8.British.Pound. . . 34.8.Swiss.Franc. . . 12.0.Norwegian.Krone. . . 2.8.US.Dollar. . . 2.4.Turkish.Lira. . . 1.1Total. . . .98.9..

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,.2011.-.10%).in.relation.to.all.other.foreign.currencies.held.in.the.Underlying.Fund,.with.all.other.variables. held. constant,. net. assets. of. the. Fund. would. have. indirectly. decreased. or. increased,.respectively,. by. approximately. $67,000. (December. 31,. 2011. -. $107,000).. In. practice,. the. actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.




.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .865.. .-.. .-.. .865Total. .1,077.865.. .-.. .-.. .865


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. 1,077.. .-.. .-.. .1,077...Total. .1,077.. .-.. .-.. .1,077....

– 23 – CIG - 9255


... .Cash.&.Equivalents.. ... .3,387,030.. .28,750.. .Eli.Lilly.and.Co... .1,083,008.. .1,407,604.. .4,700.. .Roche.Holding.AG.. .897,767.. .937,727.. .23,300.. .Citigroup.Inc... .735,088.. .915,023.. .8,800.. .Noble.Energy.Inc... .774,233.. .888,779.. .20,295.. .JPMorgan.Chase.&.Co... .737,794.. .885,860.. .620.. .Samsung.Electronics.Co.,.Ltd... .658,452.. .880,707.. .179,050.. .Telstra.Corp.,.Ltd... .549,071.. .807,614.. .11,900.. .Procter.&.Gamble.Co... .743,750.. .801,996.. .12,250.. .Nestle.S.A.,.Registered.Shares.. .744,049.. .791,668.. .23,350.. .MetLife.Inc... .759,207.. .763,537.. .68,800.. .Westfield.Group.. .581,787.. .749,895.. .7,800.. .Bayer.AG.. .495,450.. .734,475.. .22,193.. .Eutelsat.Communications.S.A... .798,605.. .729,631.. .8,916.. .Occidental.Petroleum.Corp... .782,432.. .678,071.. .60,700.. .Fleury.S.A... .677,392.. .678,020.. .4,200.. .SPDR.Gold.Trust.. .706,915.. .675,477.. .10,800.. .QUALCOMM.Inc... .560,904.. .664,929.. .9,752.. .Baxter.International.Inc... .552,538.. .645,325.. .18,700.. .AT&T.Inc... .548,743.. .625,778.. .9,208.. .PepsiCo.Inc... .603,916.. .625,506.. .9,750.. .Novartis.AG,.Registered.Shares.. .567,499.. .607,373.. .15,200.. .Unilever.N.V... .508,520.. .574,086.. .10,980.. .British.American.Tobacco.PLC.. .454,629.. .552,799.. .6,300.. .Anheuser-Busch.InBev.N.V... .374,147.. .542,480..

Clarica MVP Global Equity Fund Top 25 Holdings of Underlying Fund (unaudited)







. ...100,132.. CI.Global.Corporate.Class.(A.Shares)†. .1,121,143.. .1,335,767..... . .. Total Investments (99.7%) 1,121,143 1,335,767 . . Other Net Assets (Liabilities) (0.3%) 4,189 . .. Net Assets (100.0%). . 1,339,956

Clarica MVP Global Equity Fund Financial Statements













2012 2011

. 1,336. 1,598

. 4. 6

. –. –

. 12. –

. –. –

. –. –

. 1,352. 1,604

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 12. –

. 12. –

. 1,340. 1,604

. 1,121. 1,520

. 11.60. 10.24

. 11.71. 10.31

. 109,095. 145,251

. 6,342. 11,342





2012 2011

1,604. 1,998

31. 46(483). (283)

. (452). (237)

. 188. (157)

. 1,340. 1,604


2012 2011

. 6. 6

. –. –

. 32. 1

. 38. 7

. 29. –

. 4. 2

. 6. 8

. –. –

. –. –

. –. –

. 1. 1

. 40. 11

. (2). (4)

. 53. (277)

. –. –

. 137. 124

. 190. (153)

. 188. (157)

– 25 –

11.60 10.24 11.18 10.52 9.06 11.71 10.31 11.22 10.53

1,266 1,487 1,846 2,079 2,266 74 117 152 169109,095 145,251 165,085 197,647 250,144 6,342 11,342 13,569 16,063

1.36 91.48 2.16 1.54 2.42 1.36 91.48 2.16 1.54

2.70 2.72 2.71 2.55 2.45 2.45 2.47 2.46 2.46

0.27 0.28 0.23 0.13 0.12 0.25 0.26 0.21 0.122.97 3.00 2.94 2.68 2.57 2.70 2.73 2.67 2.58

9.63 9.64 7.34 5.00 5.00 10.99 11.08 7.98 5.00

Clarica MVP Global Equity Fund Supplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 145,251. . 165,085. 11,342. . 13,569.

. 2,739. . 4,094. 164. . 167.

. (38,895). . (23,928). (5,164). . (2,394).

. 109,095. . 145,251. 6,342. . 11,342.

.

. . 1.40. (0.94). 1.45. . (0.88).



















– 26 –

The.CI.Global.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)U.S.A......................................................................................................................................... . 41.7U.K............................................................................................................................................. . 7.7Cash.&.Equivalents................................................................................................................... . 6.8Switzerland............................................................................................................................... . 6.7Australia.................................................................................................................................... . 4.7Japan........................................................................................................................................ . 4.1Canada...................................................................................................................................... . 2.8France........................................................................................................................................ . 2.8Mexico...................................................................................................................................... . 2.4Belgium..................................................................................................................................... . 2.1Brazil......................................................................................................................................... . 2.0Netherlands.............................................................................................................................. . 1.9Germany.................................................................................................................................... . 1.9South.Korea.............................................................................................................................. . 1.8Thailand.................................................................................................................................... . 1.7Hong.Kong................................................................................................................................. . 1.3China......................................................................................................................................... . 0.9Denmark.................................................................................................................................... . 0.9Taiwan...................................................................................................................................... . 0.8Indonesia................................................................................................................................... . 0.8Cayman.Islands......................................................................................................................... . 0.8Bermuda.................................................................................................................................... . 0.8Russia........................................................................................................................................ . 0.6Netherlands.Antilles................................................................................................................. . 0.4Israel......................................................................................................................................... . 0.4Italy........................................................................................................................................... . 0.3Ireland....................................................................................................................................... . 0.3Chile.......................................................................................................................................... . 0.3Jersey.Island............................................................................................................................. . 0.3Sweden..................................................................................................................................... . 0.2Other.Net.Assets.(Liabilities)................................................................................................... . 0.1Foreign.Currency.Forward.Contracts........................................................................................ . (0.3)

Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (Note 9)


as at December 31, 2011.Categories. Net.Assets.(%)U.S.A......................................................................................................................................... . 38.6Cash.&.Equivalents................................................................................................................... . 14.2U.K............................................................................................................................................. . 12.2Switzerland............................................................................................................................... . 5.4Australia.................................................................................................................................... . 5.3Germany.................................................................................................................................... . 4.1Canada...................................................................................................................................... . 2.4Japan........................................................................................................................................ . 1.8Ireland....................................................................................................................................... . 1.7Hong.Kong................................................................................................................................. . 1.7Mexico...................................................................................................................................... . 1.6Brazil......................................................................................................................................... . 1.5Netherlands.............................................................................................................................. . 1.4Thailand.................................................................................................................................... . 1.3Bermuda.................................................................................................................................... . 1.3France........................................................................................................................................ . 1.0Belgium..................................................................................................................................... . 0.7Taiwan...................................................................................................................................... . 0.6Sweden..................................................................................................................................... . 0.5Netherlands.Antilles................................................................................................................. . 0.4Italy........................................................................................................................................... . 0.4Israel......................................................................................................................................... . 0.4Chile.......................................................................................................................................... . 0.4Cayman.Islands......................................................................................................................... . 0.4South.Korea.............................................................................................................................. . 0.3South.Africa.............................................................................................................................. . 0.3Singapore.................................................................................................................................. . 0.3Foreign.Currency.Forward.Contracts........................................................................................ . 0.1Other.Net.Assets.(Liabilities)................................................................................................... . (0.3)

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive.to.changes.in.general.economic.conditions.across.the.world..The.Underlying.Fund.was.invested.in.foreign.stocks.

As.at.December.31,.2012,.had.the.global.markets.increased.or.decreased.by.10%.(December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or.decreased,.respectively,.by.approximately.$134,000.(December.31,.2011.-.$160,000).. In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.



– 27 –

Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012^Currency Net Assets (%)US.Dollar. 52.1.Swiss.Franc. 6.7.Euro. 4.4.Japanese.Yen. 4.1.British.Pound. 3.6.Hong.Kong.Dollar. 2.8.Brazilian.Real. 2.7.Australian.Dollar. 2.3.Korean.Won. 1.8.Thai.Baht. 1.7.Mexican.Peso. 1.1.Danish.Krone. 0.9.Indonesian.Rupiah. 0.8.Taiwan.Dollar. 0.6.Israeli.Shekel. 0.4.Indian.Rupee. 0.4.Swedish.Krona. 0.2..Total .86.6.

as at December 31, 2011Currency. Net Assets (%)US.Dollar. 56.9.British.Pound. 11.0.Australian.Dollar. 5.3.Swiss.Franc. 4.9.Euro. 4.6.Hong.Kong.Dollar. 2.5.Japanese.Yen. 1.8.Brazilian.Real. 1.7.Thai.Baht. 1.3.Mexican.Peso. 0.9.Israeli.Shekel. 0.4.Singapore.Dollar. 0.3.Korean.Won. 0.3.South.Africa.Rand. 0.3.Taiwan.Dollar. 0.3.Total. .92.5.

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,.2011.-.10%).in.relation.to.all.other.foreign.currencies.held.in.the.Underlying.Fund,.with.all.other.variables.held. constant,. net.assets.of. the. Fund.would.have. indirectly.decreased.or. increased,. respectively,. by.approximately.$116,000.(December.31,.2011.-.$148,000)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.




.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .1,336.. .-.. .-.. .1,336....Total. .1,336.. .-.. .-.. .1,336.


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. 1,598.. .-.. .-.. .1,598...Total. .1,598.. .-.. .-.. .1,598.

– 28 – CIG - 9256


... .Cash.&.Equivalents.. ... .11,016,846.. .89,000.. .Mueller.Industries.Inc... .2,896,807.. .4,420,182.. .105,290.. .NeuStar.Inc.,.Class.A.. .2,734,431.. .4,382,598.. .48,808.. .Wabtec.Corp... .2,487,728.. .4,241,477.. .103,405.. .Woodward.Inc... .3,046,732.. .3,916,561.. .61,150.. .Ingredion.Inc... .2,343,110.. .3,911,148.. .35,300.. .DaVita.Inc... .2,364,610.. .3,873,241.. .151,750.. .CMS.Energy.Corp... .2,562,725.. .3,672,671.. .194,375.. .Alkermes.PLC.. .2,353,894.. .3,573,559.. .46,527.. .Genesse.&.Wyoming.Inc.,.Class.A. .2,369,089.. .3,514,487.. .170,450.. .Great.Plains.Energy.Inc... .3,668,594.. .3,436,581.. .159,380.. .Total.System.Services.Inc... .3,132,290.. .3,389,010.. .121,095.. .Hexcel.Corp... .2,216,557.. .3,244,007.. .113,737.. .Bio-reference.Laboratories.Inc... .2,254,601.. .3,240,127.. .192,410.. .Masco.Corp... .2,638,836.. .3,182,162.. .134,950.. .Harsco.Corp... .3,104,447.. .3,148,186.. .149,807.. .Wright.Medical.Group.Inc... .2,902,874.. .3,122,608.. .227,440.. .Service.Corp..International.. .2,066,654.. .3,118,029.. .63,172.. .WellCare.Health.Plans.Inc... .3,389,980.. .3,054,910.. .96,485.. .Methanex.Corp..(USD).. .2,184,206.. .3,052,541.. .87,050.. .Arthur.J..Gallagher.&.Co... .2,377,849.. .2,994,275.. .96,770.. .Brinker.International.Inc... .3,155,989.. .2,977,021.. .81,785.. .Ryland.Group.Inc..(The). .1,669,003.. .2,965,017.. .46,180.. .Sirona.Dental.Systems.Inc... .2,382,696.. .2,955,043.. .112,840.. .Endo.Pharmaceuticals.Holdings.Inc... .3,115,104.. .2,942,678..

Clarica MVP Growth FundTop 25 Holdings of Underlying Fund (unaudited)







. ..5,254,566.. CI.American.Small.Companies.Corporate.Class. (A.Shares)†. .30,636,348.. .36,309,050.... . . Total Investments (99.6%) 30,636,348 36,309,050 . . . Other Net Assets (Liabilities) (0.4%) 141,960 . . . Net Assets (100.0%) 36,451,010

Clarica MVP Growth FundFinancial Statements













2012 2011

. 36,309. 41,774

. 141. 139

. 1. –

. 1. 8

. 1. –

. –. –

. 36,453. 41,921

. –. –

. –. –

. 1. –

. –. –

. 1. 1

. –. –

. –. –

. 2. 1

. 36,451. 41,920

. 30,636. 38,125

. 47.92. 44.19

. 48.36. 44.47

. 737,790. 923,770

. 22,596. 24,711





2012 2011

41,920. 47,533

778. 1,113(9,496). (6,499)(8,718). (5,386)

3,249. (227). 36,451. 41,920


2012 2011

. 252. 222

. 1. 2

. 871. 34

. 1,124. 258

. 790. –

. 99. 51

. 175. 194

. –. –

. –. –

. –. –

. 21. 22

. 1,085. 267

. 39. (9)

. 1,186. (6,879)

. –. –

. 2,024. 6,661

. 3,210. (218)

. 3,249. (227)

– 30 –

. 47.92. 44.19. 44.31. 38.73. 33.99. 48.36. 44.47. 44.46. 38.76. .

. 35,358. 40,821. 46,221. 46,997. 49,866. 1,093. 1,099. 1,312. 1,489. .

. 737,790. 923,770. 1,043,097. 1,213,310. 1,467,055. 22,596. 24,711. 29,507. 38,404. .

. 0.79. 92.59. 0.12. 1.45. 0.44. 0.79. 92.59. 0.12. 1.45. .

. 2.70. 2.70. 2.70. 2.54. 2.44. 2.45. 2.45. 2.45. 2.45. .

. 0.27. 0.28. 0.23. 0.13. 0.12. 0.25. 0.25. 0.21. 0.12. .

. 2.97. 2.98. 2.93. 2.67. 2.56. 2.70. 2.70. 2.66. 2.57. .

. 10.58. 10.63. 7.76. 5.00. 5.00. 10.24. 10.30. 7.61. 5.00. .

Clarica MVP Growth FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 923,770. . 1,043,097. 24,711. . 29,507.

. 16,345. . 24,981. 391. . 366.

. (202,325). . (144,308). (2,506). . (5,162).

. 737,790. . 923,770. 22,596. . 24,711.

.

. . 3.82. (0.23). 3.82. . 0.01.



















– 31 –

The.CI.American.Small.Companies.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Industrials................................................................................................................................. . 21.2Health.Care............................................................................................................................... . 16.0Consumer.Discretionary............................................................................................................ . 15.1Financials.................................................................................................................................. . 12.7Information.Technology............................................................................................................ . 8.8Materials................................................................................................................................... . 6.7Utilities...................................................................................................................................... . 6.3Cash.&.Equivalents................................................................................................................... . 5.3Consumer.Staples..................................................................................................................... . 3.1Telecommunication.Services.................................................................................................... . 2.4Energy....................................................................................................................................... . 1.4Exchange-Traded.Funds............................................................................................................ . 1.0

as at December 31, 2011.Categories. Net.Assets.(%)Industrials................................................................................................................................. . 24.2Financials.................................................................................................................................. . 16.3Health.Care............................................................................................................................... . 12.7Consumer.Discretionary............................................................................................................ . 12.6Utilities...................................................................................................................................... . 8.9Information.Technology............................................................................................................ . 6.9Cash.&.Equivalents................................................................................................................... . 4.8Materials................................................................................................................................... . 4.7Telecommunication.Services.................................................................................................... . 3.5Consumer.Staples..................................................................................................................... . 3.4Energy....................................................................................................................................... . 2.0

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.other.price.risk.as.its.holdings.were.sensitive.to.changes.in.general.economic.conditions.in.the.United.States..The.Underlying.Fund.was.invested.in.U.S..stocks.

As.at.December.31,. 2012,. had. the.U.S..markets. increased.or. decreased.by.10%. (December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or.decreased,.respectively,.by.approximately.$3,631,000.(December.31,.2011.-.$4,177,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.


Clarica MVP Growth FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The.Fund.indirectly.bears.the.currency.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012. and. 2011,. the. Underlying. Fund. was. exposed. to. currency. risk. as. it. invested. predominantly.in. stocks. that.were.denominated. in.U.S.. dollars,.whereas,. the.Canadian.dollar. is. the. functional.currency.of.the.Fund.and.the.Underlying.Fund..As.a.result,.the.Fund.was.affected.by.fluctuations.in.the.value.of.such.currencies.relative.to.the.Canadian.dollar.


as at December 31, 2012Currency. Net Assets (%)US.Dollar. 95.7Total.. 95.7

as at December 31, 2011Currency. Net Assets (%)US.Dollar.. 96.3Total.. 96.3

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,.2011. -.10%). in. relation. to.all.other. foreign.currencies.held. in. the.Underlying.Fund,.with.all.other.variables. held. constant,. net. assets. of. the. Fund. would. have. indirectly. decreased. or. increased,.respectively,.by.approximately.$3,475,000.(December.31,.2011.-.$4,023,000)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.



Long.Positions.at.fair.value.as.at.December.31,.2012. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .36,309.. .-.. .-.. .36,309....Total..... 36,309.. .-.. .-.. .36,309

Long.Positions.at.fair.value.as.at.December.31,.2011. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .41,774.. .-.. .-.. .41,774.Total. 41,774.. .-.. .-.. .41,774


– 32 – CIG - 9259


... .Cash.&.Equivalents.. ... .11,016,846.. .89,000.. .Mueller.Industries.Inc... .2,896,807.. .4,420,182.. .105,290.. .NeuStar.Inc.,.Class.A.. .2,734,431.. .4,382,598.. .48,808.. .Wabtec.Corp... .2,487,728.. .4,241,477.. .103,405.. .Woodward.Inc... .3,046,732.. .3,916,561.. .61,150.. .Ingredion.Inc... .2,343,110.. .3,911,148.. .35,300.. .DaVita.Inc... .2,364,610.. .3,873,241.. .151,750.. .CMS.Energy.Corp... .2,562,725.. .3,672,671.. .194,375.. .Alkermes.PLC.. .2,353,894.. .3,573,559.. .46,527.. .Genesee.&.Wyoming.Inc.,.Class.A. .2,369,089.. .3,514,487.. .170,450.. .Great.Plains.Energy.Inc... .3,668,594.. .3,436,581.. .159,380.. .Total.System.Services.Inc... .3,132,290.. .3,389,010.. .121,095.. .Hexcel.Corp... .2,216,557.. .3,244,007.. .113,737.. .Bio-reference.Laboratories.Inc.. .2,254,601.. .3,240,127.. .192,410.. .Masco.Corp... .2,638,836.. .3,182,162.. .134,950.. .Harsco.Corp... .3,104,447.. .3,148,186.. .149,807.. .Wright.Medical.Group.Inc... .2,902,874.. .3,122,608.. .227,440.. .Service.Corp..International.. .2,066,654.. .3,118,029.. .63,172.. .WellCare.Health.Plans.Inc... .3,389,980.. .3,054,910.. .96,485.. .Methanex.Corp..(USD).. .2,184,206.. .3,052,541.. .87,050.. .Arthur.J..Gallagher.&.Co... .2,377,849.. .2,994,275.. .96,770.. .Brinker.International.Inc... .3,155,989.. .2,977,021.. .81,785.. .Ryland.Group.Inc..(The). .1,669,003.. .2,965,017.. .46,180.. .Sirona.Dental.Systems.Inc... .2,382,696.. .2,955,043.. .112,840.. .Endo.Pharmaceuticals.Holdings.Inc... .3,115,104.. .2,942,678..

Clarica MVP Small Cap American FundTop 25 Holdings of Underlying Fund (unaudited)







. ..146,421.. CI.American.Small.Companies.Corporate.Class.. (A.Shares)†. .854,555.. .1,011,768..... . .. Total Investments (99.9%) 854,555 1,011,768 Other Net Assets (Liabilities) (0.1%) 971 . . Net Assets (100.0%) 1,012,739

Clarica MVP Small Cap American FundFinancial Statements













2012 2011

. 1,012. 1,222

. 1. 6

. –. –

. –. –

. –. –

. –. –

. 1,013. 1,228

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 1,013. 1,228

. 855. 1,116

. 19.96. 18.50

. 20.15. 18.63

. 47,929. 63,563

. 2,783. 2,783





2012 2011

1,228. 1,465

19. 13(322). (232)

. (303). (219)

. 88. (18)

. 1,013. 1,228


2012 2011

. 7. 6

. –. –

. 24. –

. 31. 6

. 28. 5

. 3. 2

. 5. 6

. –. –

. –. –

. –. –

. 1. 1

. 37. 14

. (6). (8)

. 43. (84)

. –. –

. 51. 74

. 94. (10)

. 88. (18)

– 34 –

19.96 18.50 18.66 16.40 14.46 20.15 18.63 18.73 16.42

957 1,176 1,407 1,536 1,664 56 52 58 6347,929 63,563 75,391 93,685 115,074 2,783 2,783 3,105 3,809

1.49 92.52 0.71 2.69 1.18 1.49 92.52 0.71 2.69

3.20 3.20 3.20 3.04 2.94 2.95 2.95 2.95 2.95

0.32 0.33 0.26 0.15 0.15 0.30 0.29 0.23 0.153.52 3.53 3.46 3.19 3.09 3.25 3.24 3.18 3.10

9.90 9.77 7.35 5.00 5.00 10.09 8.73 5.51 5.00

Clarica MVP Small Cap American FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 63,563. . 75,391. 2,783. . 3,105.

. 990. . 736. –. . –.

. (16,624). . (12,564). –. . (322).

. 47,929. . 63,563. 2,783. . 2,783.

.

. . 1.52. (0.25). 1.52. . (0.15).

Financial Highlights (unaudited)The.following.table.shows.selected.key.financial.information.about.the.Fund.and.is.intended.to.help.you.understand.the.Fund’s.financial.performance.for.the.past.five.years,.as..applicable.





Management expense ratio Management.expense.ratio.before.taxes.(%).(3).













– 35 –

The.CI.American.Small.Companies.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Industrials................................................................................................................................. . 21.2Health.Care............................................................................................................................... . 16.0Consumer.Discretionary............................................................................................................ . 15.1Financials.................................................................................................................................. . 12.7Information.Technology............................................................................................................ . 8.8Materials................................................................................................................................... . 6.7Utilities...................................................................................................................................... . 6.3Cash.&.Equivalents................................................................................................................... . 5.3Consumer.Staples..................................................................................................................... . 3.1Telecommunication.Services.................................................................................................... . 2.4Energy....................................................................................................................................... . 1.4Exchange-Traded.Funds............................................................................................................ . 1.0

as at December 31, 2011.Categories. Net.Assets.(%)Industrials................................................................................................................................. . 24.2Financials.................................................................................................................................. . 16.3Health.Care............................................................................................................................... . 12.7Consumer.Discretionary............................................................................................................ . 12.6Utilities...................................................................................................................................... . 8.9Information.Technology............................................................................................................ . 6.9Cash.&.Equivalents................................................................................................................... . 4.8Materials................................................................................................................................... . 4.7Telecommunication.Services.................................................................................................... . 3.5Consumer.Staples..................................................................................................................... . 3.4Energy....................................................................................................................................... . 2.0


As.at.December.31,.2012,.had.the.U.S..markets.increased.or.decreased.by.10%.(December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or. decreased,. respectively,. by. approximately. $101,000. (December. 31,. 2011. -. $122,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Clarica MVP Small Cap American FundFund Specific Financial Instruments Risks (Note 9)





as at December 31, 2012Currency. . Net Assets (%)US.Dollar. . .. 95.7.Total. . .. ..95.7

as at December 31, 2011Currency. . . Net Assets (%)US.Dollar. . .. 96.3Total. . ... 96.3




Long.Positions.at.fair.value.as.at.December.31,.2012. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .1,012.. .-.. .-.. .1,012Total. ....1,012.. .-.. .-.. .1,012

Long.Positions.at.fair.value.as.at.December.31,.2011. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .1,222.. .-.. .-.. .1,222.Total. .1,222.. .-.. .-.. .1,222..


– 36 – CIG - 9261


... .Cash.&.Equivalents.. ... .23,820,928.. .150,000.. .PNC.Financial.Services.Group.Inc... .8,884,211.. .8,682,682.. .175,000.. .State.Street.Corp... .7,290,943.. .8,166,725.. .80,000.. .VMware.Inc... .7,131,030.. .7,476,250.. .150,000.. .City.National.Corp... .7,392,130.. .7,373,803.. .100,000.. .Continental.Resources.Inc... .7,239,054.. .7,295,379.. .90,000.. .Mednax.Inc... .6,020,261.. .7,104,581.. .250,000.. .SunTrust.Banks.Inc... .6,980,003.. .7,035,787.. .225,000.. .HCA.Holdings.Inc... .6,414,312.. .6,738,720.. .50,000.. .PPG.Industries.Inc... .5,614,041.. .6,718,122.. .35,000.. .International.Business.Machines.Corp... .6,531,750.. .6,655,333.. .12,500.. .Apple.Inc... .6,071,343.. .6,614,260.. .100,000.. .Abbott.Laboratories.Inc... .5,540,469.. .6,502,209.. .70,000.. .3M.Co... .5,954,101.. .6,452,077.. .75,000.. .Deere.&.Co... .5,814,401.. .6,434,209.. .200,000.. .Community.Health.Systems.Inc... .5,527,524.. .6,103,142.. .150,000.. .Merck.&.Co.,.Inc... .5,719,119.. .6,096,193.. .55,000.. .MWI.Veterinary.Supply.Inc... .4,839,784.. .6,005,857.. .90,000.. .Triumph.Group.Inc... .4,814,664.. .5,834,119.. .100,000.. .FMC.Corp... .5,454,347.. .5,809,302.. .35,000.. .Novo.Nordisk.AS,.ADR.. .5,396,148.. .5,670,671.. .125,000.. .E.I..du.Pont.de.Nemours.&.Co... .5,724,038.. .5,580,235.. .90,000.. .Kirby.Corp... .5,518,273.. .5,529,458.. .75,000.. .Gilead.Sciences.Inc... .4,930,528.. .5,468,556.. .37,500.. .Biogen.Idec.Inc... .5,627,808.. .5,459,994..

Clarica MVP U.S. Equity FundTop 25 Holdings of Underlying Fund (unaudited)







.. .420,438.. Cambridge.American.Equity.Corporate.Class.. (A.Shares)†. .1,866,262.. .1,862,542... . .. Total Investments (99.3%) 1,866,262 1,862,542 Other Net Assets (Liabilities) (0.7%) 14,148 Net Assets (100.0%) 1,876,690

Clarica MVP U.S. Equity FundFinancial Statements











Realized and unrealized gain (loss) on investments Realized.gain.(loss).on.investmentsCapital.gain.distribution.. from.investmentsForeign.exchange.gain.(loss)Change.in.unrealized.appreciation.. (depreciation).of.investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit)


2012 2011

. 1,863. 2,167

. 14. 9

. –. –

. –. 1

. –. –

. –. –

. 1,877. 2,177

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. –. –

. 1,877. 2,177

. 1,866. 3,852

. 11.78. 10.83

. 11.86. 10.88

. 156,047. 195,828

. 3,216. 5,173





2012 2011

2,177. 2,837

115. 94(604). (440)

. (489). (346)

. 189. (314)

. 1,877. 2,177


2012 2011

. 7. 7

. –. –

. 49. –

. 56. 7

. 47. –

. 5. 1

. 8. 9

. –. –

. –. –

. –. –

. 1. 1

. 61. 11

. (5). (4)

. (1,488). (252)

. –. –

. –. (1)

. 1,682. (57)

. 194. (310)

. 189. (314)

– 38 –

11.78 10.83 12.34 12.30 10.34 11.86 10.88 12.38 12.31

1,839 2,121 2,759 3,131 3,149 38 56 78 97156,047 195,828 223,586 254,429 304,693 3,216 5,173 6,270 7,897

101.57 2.54 2.44 3.03 4.10 101.57 2.54 2.44 3.03

2.88 2.88 2.88 2.76 2.69 2.70 2.70 2.70 2.70

0.29 0.29 0.23 0.14 0.13 0.27 0.28 0.22 0.133.17 3.17 3.11 2.90 2.82 2.97 2.98 2.92 2.83

10.32 10.37 7.68 5.00 5.00 10.59 10.53 7.71 5.00

Clarica MVP U.S. Equity FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 195,828. . 223,586. 5,173. . 6,270.

. 9,908. . 8,069. 3. . 19.

. (49,689). . (35,827). (1,960). . (1,116).

. 156,047. . 195,828. 3,216. . 5,173.

.

. . 1.04. (1.48). 1.13. . (1.42).



















– 39 –

The.Cambridge.American.Equity.Corporate.Class’.investments.were.concentrated.in.the.following.segments:

as at December 31, 2012.Categories. Net.Assets.(%)Health.Care............................................................................................................................... . 20.9Industrials................................................................................................................................. . 18.4Information.Technology............................................................................................................ . 15.4Consumer.Discretionary............................................................................................................ . 11.6Financials.................................................................................................................................. . 11.0Materials................................................................................................................................... . 8.1Cash.&.Equivalents................................................................................................................... . 6.0Consumer.Staples..................................................................................................................... . 4.7Energy....................................................................................................................................... . 3.2Other.Net.Assets.(Liabilities)................................................................................................... . 0.7

The.CI.Value.Trust.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2011.Categories. Net.Assets.(%)Health.Care............................................................................................................................... . 20.9Information.Technology............................................................................................................ . 20.4Industrials................................................................................................................................. . 16.7Materials................................................................................................................................... . 11.9Energy....................................................................................................................................... . 10.8Consumer.Discretionary............................................................................................................ . 7.3Cash.&.Equivalents................................................................................................................... . 6.6Financials.................................................................................................................................. . 3.8Consumer.Staples..................................................................................................................... . 2.1Utilities...................................................................................................................................... . 1.6Foreign.Currency.Forward.Contracts........................................................................................ . (0.6)Other.Net.Assets.(Liabilities)................................................................................................... . (1.5)


As.at.December.31,.2012,.had.the.U.S..markets.increased.or.decreased.by.10%.(December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or.decreased,.respectively,.by.approximately.$186,000.(December.31,.2011.-.$217,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012..and.2011,.the.Underlying.Fund.had.insignificant.exposure.to.credit. risk.as. it. invested.predominantly..in.stocks.

Clarica MVP U.S. Equity FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2012Currency. . Net Assets (%)US.Dollar. . .. 81.3Total. . .... 81.3

as at December 31, 2011Currency. . Net Assets (%)US.Dollar. . . . 79.1.Total. . . . 79.1




Long.Positions.at.fair.value.as.at.December.31,.2012. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .1,863.. .-.. .-.. .1,863..Total. .2,161,863.. .-.. .-.. .1,863.

Long.Positions.at.fair.value.as.at.December.31,.2011. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ..2,167.. .-.. .-.. .2,167..Total. .2,167.. .-.. .-.. .2,167


– 40 – CIG - 9252


. .1,049,671.. .Toronto-Dominion.Bank.. .78,146,853.. .87,909,946.

. .431,150.. .SPDR.Gold.Trust.. .70,029,230.. .69,340,955.

. .731,040.. .Canadian.Imperial.Bank.of.Commerce.. .54,988,468.. .58,461,269.

. .1,275,287.. .Suncor.Energy.Inc... .41,050,870.. .41,714,638.

. .36,235,000.. .Government.of.Canada.2%.03/01/2014.. .36,658,669.. .36,604,169.

. .733,050.. .Eli.Lilly.and.Co... .30,192,476.. .35,890,233.

. .583,700.. .Royal.Bank.of.Canada.. .33,545,539.. .34,951,956.

. .963,410.. .Canadian.Natural.Resources.Ltd... .31,111,010.. .27,592,062.

. .450,860.. .The.Bank.of.Nova.Scotia... .24,051,011.. .25,906,416.

. .704,750.. .Brookfield.Asset.Management.Inc.,.Class.A.. .19,457,419.. .25,681,090.

. .273,000.. .Canadian.National.Railway.Co... .20,041,542.. .24,660,090.

. .21,571,000.. .Province.of.Quebec.4.5%.12/01/2020.. .24,405,674.. .24,549,179.

. .727,650.. .Cenovus.Energy.Inc... .22,969,087.. .24,223,469.

. .677,750.. .Barrick.Gold.Corp... .28,756,661.. .23,599,255.


. .234,950.. .Bayer.AG.. .15,812,067.. .22,123,694.... .Cash.&.Equivalents.. ... .21,984,844.

. .14,695,000.. .Government.of.Canada.5.75%.06/01/2029.. .21,873,790.. .21,833,867.


. .1,703,531.. .JPMorgan.Chase.&.Co.,.Warrants.(28Oct18).. .22,113,303.. .20,056,463.

. .320,250.. .Novartis.AG,.Registered.Shares.. .18,584,537.. .19,949,863.

. .17,415,000.. .Province.of.Ontario.4.2%.03/08/2018.. .19,361,162.. .19,315,161.

. .18,000,001.. .Short-Term.Investments.. .18,000,000.. .18,001,874.

. .491,500.. .Goldcorp.Inc... .20,412,270.. .17,974,155.

. .173,600.. .Agrium.Inc... .14,087,369.. .17,210,704..

Clarica MVP Balanced FundTop 25 Holdings of Underlying Fund (unaudited)







. ..2,639,921.. Signature.Canadian.Balanced.Fund.(Class.A)†. .33,556,744.. .40,100,394.... .. Total Investments (99.1%) 33,556,744 40,100,394 . . Other Net Assets (Liabilities) (0.9%) 348,485 . .. Net Assets (100.0%). . 40,448,879

Clarica MVP Balanced FundFinancial Statements













2012 2011

. 40,100. 47,507

. 342. 353

. 11. –

. 68. 4

. 1. –

. –. –

. 40,522. 47,864

. –. –

. –. –

. 1. –

. –. –

. 2. 1

. 9. –

. 61. –

. 73. 1

. 40,449. 47,863

. 33,557. 41,567

. 46.29. 43.74

. 46.70. 44.01

. 815,874. 1,029,174

. 57,465. 64,682





2012 2011

47,863. 56,855

1,553. 2,130(11,519). (9,016)

. (9,966). (6,886)

. 2,552. (2,106)

. 40,449. 47,863


2012 2011

. 169. 362

. 3. 3

. 973. –

. 1,145. 365

. 889. –

. 107. 21

. 193. 229

. –. –

. –. –

. –. –

. 21. 24

. 1,210. 274

. (65). 91

. 1,615. 1,375

. 399. 1,110

. 603. (4,682)

. 2,617. (2,197)

. 2,552. (2,106)

– 42 –

46.29 43.74 45.59 41.91 34.69 46.70 44.01 45.75 41.94

37,765 45,016 53,676 56,935 57,515 2,684 2,847 3,179 3,258815,874 1,029,174 1,177,266 1,358,646 1,657,771 57,465 64,682 69,480 77,686

2.04 3.91 2.97 1.84 2.90 2.04 3.91 2.97 1.84

2.68 2.69 2.69 2.53 2.43 2.43 2.44 2.44 2.44

0.27 0.27 0.23 0.13 0.12 0.25 0.25 0.21 0.122.95 2.96 2.92 2.66 2.55 2.68 2.69 2.65 2.56

9.67 9.66 7.35 5.00 5.00 10.52 10.63 7.65 5.00

Clarica MVP Balanced FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 1,029,174. . 1,177,266. 64,682. . 69,480.

. 31,730. . 44,518. 2,423. . 2,538.

. (245,030). . (192,610). (9,640). . (7,336).

. 815,874. . 1,029,174. 57,465. . 64,682.

.

. . 2.59. (1.81). 2.68. . (1.65).



















– 43 –

The.Signature.Canadian.Balanced.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Long Positions:Financials.................................................................................................................................. . 18.9Corporate.Bonds....................................................................................................................... . 15.8Energy....................................................................................................................................... . 10.6Canadian.Government.Bonds................................................................................................... . 7.6Materials................................................................................................................................... . 7.0Consumer.Staples..................................................................................................................... . 6.9Provincial.Bonds........................................................................................................................ . 6.8Health.Care............................................................................................................................... . 4.7Information.Technology............................................................................................................ . 4.0Industrials................................................................................................................................. . 3.6Exchange-Traded.Funds............................................................................................................ . 3.6Consumer.Discretionary............................................................................................................ . 2.7Foreign.Government.Bonds...................................................................................................... . 2.5Telecommunication.Services.................................................................................................... . 1.4Cash.&.Equivalents................................................................................................................... . 1.1Short-Term.Investments........................................................................................................... . 0.9Municipal.Bonds....................................................................................................................... . 0.9Utilities...................................................................................................................................... . 0.9Asset.Backed.Securities........................................................................................................... . 0.4Other.Net.Assets.(Liabilities)................................................................................................... . 0.2Private.Placements................................................................................................................... . 0.1Foreign.Currency.Forward.Contracts........................................................................................ . (0.2)Total Long Positions.............................................................................................................. .100.4

Short Positions:Health.Care............................................................................................................................... . (0.4)Total Short Positions............................................................................................................. . (0.4)

as at December 31, 2011.Categories. Net.Assets.(%)Long Positions:Corporate.Bonds....................................................................................................................... . 16.2Short-Term.Investments........................................................................................................... . 14.9Canadian.Government.Bonds................................................................................................... . 12.6Financials.................................................................................................................................. . 10.4Energy....................................................................................................................................... . 8.5Provincial.Bonds........................................................................................................................ . 5.8Materials................................................................................................................................... . 5.3Health.Care............................................................................................................................... . 4.8Consumer.Staples..................................................................................................................... . 4.7Industrials................................................................................................................................. . 4.6Information.Technology............................................................................................................ . 3.5Consumer.Discretionary............................................................................................................ . 2.3Foreign.Government.Bonds....................................................................................................... . 2.1Telecommunication.Services.................................................................................................... . 1.5Utilities...................................................................................................................................... . 1.1Cash.&.Equivalents................................................................................................................... . 0.7Other.Net.Assets.(Liabilities)................................................................................................... . 0.6Asset.Backed.Securities........................................................................................................... . 0.6Total Long Positions.............................................................................................................. .100.2

Short Positions:Health.Care............................................................................................................................... . (0.2)Total Short Positions............................................................................................................. . (0.2)

Clarica MVP Balanced FundFund Specific Financial Instruments Risks (Note 9)


Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund’s.holdings.were.sensitive.to.changes.in.general.economic.conditions.in.Canada..The.Underlying.Fund’s.portfolio.consisted.of.Canadian.stocks.and.fixed.income.securities,.thus.an.overall.downturn.in.the.Canadian.economy.may.lead.to.a.widening.in.credit.spreads.and.a.decrease.in.equity.prices.which.would.then.lead.to.a.decrease.in.the.value.of.the.Underlying.Fund’s.holdings.

As.at.December.31,.2012,.had.the.Canadian.markets.increased.or.decreased.by.10%.(December.31,.2011.-..10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.increased.or.decreased,.respectively,.by.approximately.$2,570,000.(December.31,.2011.-.$2,233,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.credit.risk.as.some.of.its.assets.were.invested.in.fixed.income.securities.

The.Underlying.Fund.was. invested. in. fixed. income.securities,.preferred.securities.and.derivative.instruments,.if.any,.with.the.following.credit.ratings,.as.per.tables.below.

as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++. 10.4.AA/Aa/A+. 4.7.A. 8.8.BBB/Baa/B++. 8.4.BB/Ba/B+. 0.8.Not.Rated. 2.2..Total 35.3.

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++. 29.7.AA/Aa/A+. 5.5.A. 7.7.BBB/Baa/B++. 8.7.BB/Ba/B+. 0.6.B. 0.1.Not.Rated. 0.5.Total 52.8



– 44 –

Clarica MVP Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Currency. Net Assets (%)US.Dollar. 16.5.Swiss.Franc. 2.3.Euro. 0.6.Brazilian.Real. 0.5.Thai.Baht. 0.5.Japanese.Yen. 0.4.British.Pound. 0.4.Hong.Kong.Dollar. 0.4.Mexican.Peso. 0.4.Australian.Dollar. 0.1.Swedish.Krona. 0.1.New.Zealand.Dollar. 0.1.Indonesian.Rupiah. 0.1...Total. 22.4.

as at December 31, 2011Currency. Net Assets (%)US.Dollar. 10.3Swiss.Franc. 1.4.Euro. 0.8.British.Pound. 0.6.Thai.Baht. 0.5.Brazilian.Real. 0.4.Japanese.Yen. 0.3.Hong.Kong.Dollar. 0.3.Mexican.Peso. 0.3.Australian.Dollar. 0.1Total. .15.0.

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,.2011.-.10%).in.relation.to.all.other.foreign.currencies.held.in.the.Underlying.Fund,.with.all.other.variables.held. constant,. net.assets.of. the. Fund.would.have. indirectly.decreased.or. increased,. respectively,. by.approximately.$898,000.(December.31,.2011.-.$713,000)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Interest Rate Risk The.Fund.indirectly.bears.the.interest.rate.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012. and. 2011,. the. Underlying. Fund. was. exposed. to. interest. rate. risk. as. some. of. its. assets. were.invested.in.fixed.income.securities.

The.tables.below.summarize.the.Underlying.Fund’s.exposure.to. interest.rate.risk,.categorized.by.the.contractual.maturity.date.

as at December 31, 2012Less.than 1.-.3. 3.-.5.. Greater.

1.Year Years. Years than.5.Years. Total(%). (%). (%). (%). (%)

Interest.Rate.Exposure .3.9.. .5.5.. .3.4.. .23.1.. .35.9

as at December 31, 2011. Less.than. 1.-.3. 3.-.5.. Greater.. 1.Year. Years. Years. than.5.Years. Total. (%). (%). (%). (%). (%)Interest.Rate.Exposure 18.2.. .4.1.. .6.8.. .23.9.. .53.0

As.at.December.31,.2012,.had.the.prevailing.interest.rates.increased.or.decreased.by.0.25%.(December.31,.2011.-.0.25%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.indirectly.decreased.or. increased,. respectively,. by. approximately. $220,000. (December. 31,. 2011. -. $302,000).. In. practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material..


Long.Positions.at.fair.value.as.at.December.31,.2012. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ..40,100.. .-.. .-.. .40,100..Total. .40,100.. .-.. .-.. .40,100..

Long.Positions.at.fair.value.as.at.December.31,.2011. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .47,507.. .-.. .-.. .47,507.Total. .47,507.. .-.. .-.. .47,507.

– 45 – CIG - 9253






. .86,470,000.. .Province.of.Ontario.4.2%.03/08/2018.. .96,257,000.. .95,904,794.



. .71,995,000.. .United.States.Treasury.Inflation.Indexed.Bond.. .0.684%.04/15/2013.. .77,740,150.. .78,118,667.



. .42,765,000.. .Province.of.British.Columbia.6.35%.. .06/18/2031.. .59,682,407.. .61,105,789.


. .49,530,000.. .Province.of.British.Columbia.3.7%.. .12/18/2020.. .53,764,935.. .54,326,581.


. .41,220,000.. .55.Ontario.School.Board.Trust.5.9%.. .06/02/2033.. .46,302,255.. .52,838,742.

. .52,285,000.. .United.States.Treasury.Note/Bond.1.625%.. .11/15/2022.. .50,807,819.. .51,335,685.


. .32,755,000.. .United.States.Treasury.Inflation.Indexed.Bond.. .2.45436%.07/15/2014.. .42,665,167.. .42,106,836.

. .30,285,000.. .Province.of.Nova.Scotia.4.7%.06/01/2041.. .36,895,610.. .37,076,988.


. .20,835,000.. .Government.of.Canada.5.75%.06/01/2033.. .31,466,488.. .32,354,040.... .Cash.&.Equivalents.. ... .28,128,457.

. .32,430,000.. .The.Royal.Bank.of.Scotland,.Callable.5.37%.. .05/12/2049.. .28,332,309.. .26,636,371.

. .21,181,551.. .New.Brunswick.F-M.Project.Co.,.Inc.,.Callable.. .6.47%.11/30/2027.. .24,412,754.. .26,460,660.

. .18,799,000.. .Teranet.Holdings.L.P.,.3.411%.12/01/2031.. .20,184,675.. .23,924,354..

Clarica MVP Bond FundTop 25 Holdings of Underlying Fund (unaudited)







. ...1,566,756.. Signature.Canadian.Bond.Fund.(Class.A)†. .8,753,022.. .9,118,518.... .. Total Investments (99.7%) 8,753,022 9,118,518 . . Other Net Assets (Liabilities) (0.3%) 29,954 . .. Net Assets (100.0%). . 9,148,472

Clarica MVP Bond FundFinancial Statements













2012 2011

. 9,119. 10,108

. 30. 33

. 2. –

. –. –

. –. –

. –. –

. 9,151. 10,141

. –. –

. –. –

. –. –

. –. –

. 1. –

. 2. –

. –. –

. 3. –

. 9,148. 10,141

. 8,753. 9,658

. 40.61. 39.47

. 40.98. 39.72

. 216,895. 248,242

. 8,304. 8,604





2012 2011

10,141. 10,361

1,076. 814(2,347). (1,663)(1,271). (849)

. 278. 629

. 9,148. 10,141


2012 2011

. 257. 267

. –. –

. 149. –

. 406. 267

. 133. –

. 21. 4

. 43. 43

. –. –

. –. –

. –. –

. 5. 5

. 202. 52

. 204. 215

. 89. 38

. 69. 127

. (84). 249

. 74. 414

. 278. 629

– 47 –

40.61 39.47 37.05 35.11 33.71 40.98 39.72 37.18 35.14

8,808 9,799 9,988 10,765 12,291 340 342 373 433216,895 248,242 269,573 306,605 364,561 8,304 8,604 10,038 12,332

10.17 9.57 7.05 6.59 5.89 10.17 9.57 7.05 6.59

2.01 2.01 2.01 1.84 1.76 1.76 1.76 1.76 1.76

0.20 0.20 0.17 0.10 0.09 0.17 0.17 0.15 0.092.21 2.21 2.18 1.94 1.85 1.93 1.93 1.91 1.85

9.60 9.38 7.19 5.00 5.00 9.73 9.86 7.33 5.00

Clarica MVP Bond FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

248,242. . 269,573 8,604 . 10,03826,512. . 21,170 426 . 96

(57,859). . (42,501). (726). . (1,530).216,895. . 248,242 8,304 . 8,604

. 1.13 2.38 1.25 . 2.46



















– 48 –

The.Signature.Canadian.Bond.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Corporate.Bonds....................................................................................................................... . 40.3Canadian.Government.Bonds................................................................................................... . 25.6Provincial.Bonds........................................................................................................................ . 20.8Foreign.Government.Bonds...................................................................................................... . 7.2Municipal.Bonds....................................................................................................................... . 2.2Short-Term.Investments........................................................................................................... . 1.7Asset.Backed.Securities........................................................................................................... . 1.1Cash.&.Equivalents................................................................................................................... . 0.9Other.Net.Assets.(Liabilities)................................................................................................... . 0.3Foreign.Currency.Forward.Contracts........................................................................................ . (0.1)

as at December 31, 2011.Categories. Net.Assets.(%)Corporate.Bonds....................................................................................................................... . 37.0Canadian.Government.Bonds................................................................................................... . 33.9Provincial.Bonds........................................................................................................................ . 16.0Foreign.Government.Bonds....................................................................................................... . 6.6Short-Term.Investments........................................................................................................... . 4.0Asset.Backed.Securities........................................................................................................... . 1.6Other.Net.Assets.(Liabilities)................................................................................................... . 0.9

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.did.not.have.a.significant.exposure.to.other.price.risk.as.the.Underlying.Fund.was.invested.in.fixed.income.securities.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012..and.2011,.the.Underlying.Fund.was.exposed.to.credit.risk.as.it.invested.in.fixed.income.securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++. 33.1.AA/Aa/A+. 14.0.A. 27.2.BBB/Baa/B++. 16.4.BB/Ba/B+. 2.3.Not.Rated. 5.8..Total 98.8.

Clarica MVP Bond FundFund Specific Financial Instruments Risks (Note 9)


Credit Risk (cont’d)

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++. 44.7.AA/Aa/A+. 14.8.A. 17.8.BBB/Baa/B++. 19.7.BB/Ba/B+. 1.7.B. 0.1.Not.Rated. 0.3..Total 99.1




as at December 31, 2012Currency. Net Assets (%)US.Dollar. 1.7.New.Zealand.Dollar. 0.3.Euro. 0.1.British.Pound. 0.1..Total. .2.2..

as at December 31, 2011Currency. Net Assets (%)US.Dollar. 2.0.British.Pound. 0.1..Total. .2.1..

As.at.December.31,.2012,.had.the.Canadian.dollar.strengthened.or.weakened.by.10%.(December.31,. 2011. -. 10%). in. relation. to. all. other. foreign. currencies. held. in. the. Underlying. Fund,. with. all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.indirectly.decreased.or.increased,.respectively,. by. approximately. $20,000. (December. 31,. 2011. -. $21,000).. In. practice,. the. actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.


– 49 –

Clarica MVP Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



Interest Rate Risk The.Fund.indirectly.bears.the.interest.rate.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.interest.rate.risk.as.it.invested.in.fixed.income.securities..



1.Year Years. Years than.5.Years. Total(%). (%). (%). (%) (%)

Interest.Rate.Exposure ...6.7.. .15.6.. .14.6.. .62.7.. .99.6..



Interest.Rate.Exposure ..10.2.. .11.8.. .19.0.. .58.1.. .99.1.

As. at. December. 31,. 2012,. had. the. prevailing. interest. rates. increased. or. decreased. by. 0.25%.(December.31,.2011.-.0.25%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have. indirectly. decreased. or. increased,. respectively,. by. approximately. $148,000. (December. 31,.2011. -.$160,000).. In.practice,. the.actual. results.may.differ. from.this.analysis.and. the.difference.may.be.material..



.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .9,119.. .-.. .-.. .9,119..Total. .9,119.. .-.. .-.. .9,119.


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. ..10,108.. .-.. .-.. .10,108.Total. .10,108.. .-.. .-.. .10,108

– 50 – CIG - 9257


. .376,200.. .Toronto-Dominion.Bank.. .29,371,324.. .31,506,750.

. .244,230.. .Canadian.Imperial.Bank.of.Commerce.. .18,006,564.. .19,531,073.

. .215,250.. .Novartis.AG,.Registered.Shares.. .12,390,106.. .13,408,925.

. .260,750.. .Eli.Lilly.and.Co... .9,718,138.. .12,766,357.

. .113,000.. .Bayer.AG.. .7,295,699.. .10,640,466.


. .263,850.. .BHP.Billiton.PLC.. .8,360,732.. .9,063,712.

. .386,550.. .BCE.Inc.,.Preferred.4.4%,.Series.AF.16.. .8,966,352.. .9,056,867.

. .1,057,787.. .PNC.Financial.Services.Group.Inc.,.. .Warrants.(31Dec18).. .10,245,208.. .9,030,593.

. .394,850.. .BCE.Inc.,.Preferred,.Series.AB.. .9,272,024.. .8,714,340.

. .707,092.. .JPMorgan.Chase.&.Co.,.Warrants.(28Oct18).. .8,949,773.. .8,324,923.

. .1,805,400.. .Telstra.Corp.,.Ltd... .5,302,880.. .8,143,345.

. .341,850.. .BCE.Inc.,.Preferred,.Series.AJ.. .7,779,549.. .7,816,400.

. .761,050.. .Wells.Fargo.&.Co.,.Warrants.(28Oct18).. .7,029,219.. .7,554,971.

. .256,050.. .Fortis.Inc.,.Preferred.4.9%,.Series.E,.. .Callable/Convertible.. .6,898,593.. .6,923,592.

. .176,850.. .Brookfield.Asset.Management.Inc.,.Class.A.. .4,800,853.. .6,444,414.

. .248,600.. .HSBC.Bank.Canada,.Preferred.5.1%,.Series.5.. .6,130,662.. .6,389,020.

. .30,000.. .Roche.Holding.AG.. .5,747,978.. .5,985,492.

. .227,150.. .The.Bank.of.Nova.Scotia,.Preferred.4.5%,.. .Series.14... .5,443,009.. .5,974,045.

. .329,700.. .Brookfield.Asset.Management.Inc.,.. .Preferred,.Series.2.. .6,318,212.. .5,792,829.

. .222,800.. .Power.Financial.Corp.,.Preferred.5.1%,.. .Series.L.. .5,291,286.. .5,752,696.

. .152,400.. .Crescent.Point.Energy.Corp... .6,330,027.. .5,733,288.

. .213,050.. .Bank.of.Montreal,.Preferred.5.25%,.. .Series.14.. .5,284,693.. .5,618,129.

. .206,150.. .Royal.Bank.of.Canada,.Preferred.4.7%,.. .Series.AB.. .4,992,854.. .5,380,515.

. .202,750.. .Brookfield.Office.Properties.Inc.,.. .Preferred.5.75%,.Series.H.. .5,076,340.. .5,318,133..

Clarica MVP Dividend FundTop 25 Holdings of Underlying Fund (unaudited)







.. .198,336.. Signature.Dividend.Corporate.Class.(A.Shares)†. .2,951,612.. .3,260,641..

Total Investments (99.5%) 2,951,612 3,260,641 . . Other Net Assets (Liabilities) (0.5%) 16,164. . Net Assets (100.0%) 3,276,805

Clarica MVP Dividend FundFinancial Statements













2012 2011

. 3,261. 3,754

. 16. 6

. 1. –

. 63. 1

. –. –

. –. –

. 3,341. 3,761

. –. –

. –. –

. –. –

. –. –

. –. –

. 1. –

. 63. –

. 64. –

. 3,277. 3,761

. 2,952. 3,690

. 16.21. 14.90

. 16.34. 14.98

. 194,118. 238,636

. 7,981. 13,769





2012 2011

3,761. 4,383

182. 167(970). (716)

. (788). (549)

. 304. (73)

. 3,277. 3,761


2012 2011

. 35. 71

. –. –

. 61. –

. 96. 71

. 72. 17

. 9. 5

. 16. 18

. –. –

. –. –

. –. –

. 3. 4

. 100. 44

. (4). 27

. 63. 61

. –. –

. 245. (161)

. 308. (100)

. 304. (73)

– 52 –

16.21 14.90 15.19 14.04 10.72 16.34 14.98 15.24 14.05

3,147 3,555 4,165 4,299 3,853 130 206 218 205194,118 238,636 274,103 306,323 359,244 7,981 13,769 14,328 14,589

3.37 99.42 6.82 8.56 6.51 3.37 99.42 6.82 8.56

2.68 2.69 2.69 2.53 2.44 2.43 2.44 2.44 2.44

0.27 0.26 0.21 0.13 0.12 0.26 0.25 0.20 0.132.95 2.95 2.90 2.66 2.56 2.69 2.69 2.64 2.57

9.59 9.43 7.19 5.00 5.00 11.85 11.41 8.23 5.00

Clarica MVP Dividend FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 238,636. . 274,103. 13,769. . 14,328.

. 11,621. . 11,006. 8. . 20.

. (56,139). . (46,473). (5,796). . (579).

. 194,118. . 238,636. 7,981. . 13,769.

.

. . 1.31. (0.27). 1.36. . (0.24).



















– 53 –

The.Signature.Dividend.Corporate.Class’.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Financials.................................................................................................................................. . 51.3Consumer.Staples..................................................................................................................... . 8.5Telecommunication.Services.................................................................................................... . 8.5Health.Care............................................................................................................................... . 6.4Energy....................................................................................................................................... . 6.1Materials................................................................................................................................... . 4.9Utilities...................................................................................................................................... . 3.9Industrials................................................................................................................................. . 3.1Consumer.Discretionary............................................................................................................ . 2.9Short-Term.Investments........................................................................................................... . 1.8Other.Net.Assets.(Liabilities)................................................................................................... . 0.8Corporate.Bonds....................................................................................................................... . 0.7Information.Technology............................................................................................................ . 0.7Exchange-Traded.Funds............................................................................................................ . 0.5Cash.&.Equivalents................................................................................................................... . 0.2Private.Placements................................................................................................................... . 0.1Foreign.Currency.Forward.Contracts........................................................................................ . (0.4)

as at December 31, 2011.Categories. Net.Assets.(%)Financials.................................................................................................................................. . 44.1Short-Term.Investments........................................................................................................... . 10.7Telecommunication.Services.................................................................................................... . 10.0Energy....................................................................................................................................... . 7.5Consumer.Staples..................................................................................................................... . 6.0Health.Care............................................................................................................................... . 5.8Utilities...................................................................................................................................... . 5.0Materials................................................................................................................................... . 4.3Industrials................................................................................................................................. . 3.8Other.Net.Assets.(Liabilities)................................................................................................... . 0.8Corporate.Bonds....................................................................................................................... . 0.6Consumer.Discretionary............................................................................................................ . 0.6Information.Technology............................................................................................................ . 0.5Cash.&.Equivalents................................................................................................................... . 0.2Foreign.Currency.Forward.Contracts........................................................................................ . 0.1

Other Price Risk The.Fund.indirectly.bears.the.other.price.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012. and. 2011,. the. Underlying. Fund’s. holdings. were. sensitive. to. changes. in. general. economic.conditions. in. Canada.. The. Underlying. Fund’s. portfolio. consisted. of. Canadian. stocks,. preferred.shares.and.fixed.income.securities,.thus.an.overall.downturn.in.the.Canadian.economy.may.lead.to.a.widening.in.credit.spreads.and.a.decrease.in.equity.prices.which.would.then.lead.to.a.decrease.in.the.value.of.the.Underlying.Fund’s.holdings.

As.at.December.31,.2012,.had.the.Canadian.markets.increased.or.decreased.by.10%.(December.31,.2011.-.10%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have. increased.or. decreased,. respectively,. by. approximately. $317,000. (December. 31,. 2011-. $332,000)..In.practice,.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.

Clarica MVP Dividend FundFund Specific Financial Instruments Risks (Note 9)


Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.credit.risk.as.some.of.its.assets.were.invested.in.fixed.income.securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++. 1.4.AA/Aa/A+. 1.0.A. 13.3.BBB/Baa/B++. 18.2.BB/Ba/B+. 4.0.B. 0.1.Not.Rated. 1.8.Total 39.8

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++. 7.4.AA/Aa/A+. 4.6.A. 15.0.BBB/Baa/B++. 16.5.BB/Ba/B+. 4.1.B. 0.1.Not.Rated. 1.1.Total 48.8.




as at December 31, 2012Currency. . Net Assets (%)US.Dollar. . . . 9.5.Swiss.Franc. . . . 3.2.Euro. . . . 1.6.Japanese.Yen. . . . 1.2.British.Pound. . . . 0.8.Brazilian.Real. . . . 0.5.Danish.Krone. . . . 0.5.Thai.Baht. . . . 0.5.Australian.Dollar. . . . 0.3.Indonesian.Rupiah. . . . 0.2.Swedish.Krona. . . . 0.1.Hong.Kong.Dollar. . . . (0.1)Total. . . . .18.3


– 54 –

Clarica MVP Dividend FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



Currency Risk (cont’d)

as at December 31, 2011Currency. Net Assets (%)US.Dollar. . . . 6.8.Euro. . . . 2.2.Swiss.Franc. . . . 1.9.British.Pound. . . . 0.8.Australian.Dollar. . . . 0.7.Brazilian.Real. . . . 0.7.Thai.Baht. . . . 0.6.Hong.Kong.Dollar. . . . 0.1.Total. . . . .13.8.


Interest Rate Risk The.Fund.indirectly.bears.the.interest.rate.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012. and. 2011,. the. Underlying. Fund. was. exposed. to. interest. rate. risk. as. some. of. its. assets. were.invested.in.fixed.income.securities.




Interest.Rate.Exposure .2.0.. .-.... .-.... .0.7.. .2.7..



Interest.Rate.Exposure 10.9.. .-.... .0.3.. .0.3.. .11.5.

As.at.December.31,.2012,.had.the.prevailing.interest.rates.increased.or.decreased.by.0.25%.(December.31,.2011.-.0.25%),.with.all.other.variables.held.constant,.net.assets.of.the.Fund.would.have.indirectly.decreased. or. increased,. respectively,. by. approximately. a. nominal. amount. (December. 31,. 2011. -.a.nomimal.amount)..In.practice,.the.actual.results.may.differ.from.this.analysis.and.the.difference.may.be.material.



.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. 3,261.. .-.. .-.. .3,261Total. 3,261.. .-.. .-.. .3,261....


.(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .3,754.. .-.. .-.. .3,754..Total. 3,754.. .-.. .-.. .3,754

– 55 – CIG - 9260


... .Cash.&.Equivalents.. ... .246,911,023.. .69,800,000.. .Province.of.Ontario,.FRN,.2.28583%.

. .04/02/2013.. .69,772,778.. .69,798,283.. .61,215,000.. .Province.of.Quebec,.FRN,.1.28417%.

. .12/10/2013.. .61,189,535.. .61,199,947.. .52,075,000.. .The.Bank.of.Nova.Scotia,.FRN,.1.64417%

. ..09/19/2013.. .52,075,000.. .52,075,000.. .38,410,000.. .Canadian.Imperial.Bank.of.Commerce,.FRN,.

. .1.645%.07/19/2013.. .38,410,000.. .38,410,000.. .36,695,000.. .HSBC.Bank.Canada.1.895%.08/09/2013.. .36,695,000.. .36,695,000.. .34,700,000.. .Province.of.Ontario,.FRN,.2.28583%.

. .04/02/2013.. .34,693,407.. .34,699,584.. .29,500,000.. .Province.of.Ontario,.FRN,.2.28583%.

. .04/02/2013.. .29,889,105.. .29,525,193.. .28,640,000.. .Bank.of.Montreal,.FRN,.1.445%.06/21/2013.. .28,640,000.. .28,640,000.. .24,795,000.. .The.Bank.of.Nova.Scotia,.FRN,.1.42%.

. .11/08/2013.. .24,799,835.. .24,799,463.. .24,120,000.. .Alberta.Capital.Finance.Authority,.FRN,.

. .1.36357%.04/26/2013.. .24,156,831.. .24,129,776.. .20,500,000.. .Bell.Canada.1.15%.01/23/2013.. .20,477,450.. .20,486,473.. .20,410,000.. .Bank.of.Montreal.1.42333%.10/15/2013.. .20,410,000.. .20,410,000.. .16,950,000.. .Canadian.Imperial.Bank.of.Commerce,.FRN,..

. .1.49417%.03/14/2014.. .16,950,000.. .16,950,000.. .16,555,000.. .Royal.Bank.of.Canada,.FRN,..1.39%.

. .04/10/2013.. .16,560,082.. .16,558,683.. .16,535,000.. .HSBC.Bank.Canada.1.30%.06/03/2013.. .16,429,672.. .16,445,729.. .16,400,000.. .Toronto-Dominion.Bank.1.25%.06/17/2013.. .16,299,468.. .16,307,022.. .16,315,000.. .HSBC.Bank.Canada.1.28%.05/14/2013.. .16,211,563.. .16,239,684.. .16,190,000.. .The.Bank.of.Nova.Scotia,.FRN,.1.61286%

. .04/19/2013.. .16,210,238.. .16,203,702.. .16,200,000.. .National.Bank.of.Canada,.FRN,.1.395%.

. .02/27/2013.. .16,200,000.. .16,200,000.. .16,080,000.. .Canada.Housing.Trust.No.1.1.66417%

. ..09/15/2014.. .16,207,032.. .16,154,450.. .12,680,000.. .Daimler.Canada.Finance.Inc.,.1.98417%.

. .09/12/2014.. .12,680,000.. .12,680,000.. .12,445,000.. .Metropolitan.Life.Global.Funding.I.4.85%.

. .05/30/2013.. .12,715,430.. .12,596,927.. .12,380,000.. .Royal.Bank.of.Canada,.FRN,.1.42333%.

. .07/16/2013.. .12,380,000.. .12,380,000.. .12,315,000.. .Toronto-Dominion.Bank.4.854%.02/13/2013.. .12,393,663.. .12,368,249..

Clarica MVP Money Market FundTop 25 Holdings of Underlying Fund (unaudited)







. .220,523.. CI.Money.Market.Fund.(Class.A)†. .2,205,231.. .2,205,231.... Total Investments (99.1%) 2,205,231 2,205,231 Other Net Assets (Liabilities) (0.9%) 19,914 Net Assets (100.0%) 2,225,145

Clarica MVP Money Market FundFinancial Statements













2012 2011

. 2,205. 2,660

. 20. 19

. 1. –

. –. –

. –. –

. 1. 2

. 2,227. 2,681

. –. –

. –. –

. –. –

. –. –

. –. –

. 2. 2

. –. –

. 2. 2

. 2,225. 2,679

. 2,205. 2,660

. 1.25. 1.25

. 1.26. 1.26

. 1,761,615. 2,111,257

. 12,907. 24,939





2012 2011

2,679. 3,123

2,353. 2,100(2,807). (2,545)

(454). (445)

. –. 1

. 2,225. 2,679


2012 2011

. 18. 22

. 1. –

. 17. –

. 36. 22

. 20. 3

. 3. 4

. 11. 12

. –. –

. –. –

. –. –

. 2. 2

. 36. 21

. –. 1

. –. –

. –. –

. –. –

. –. –

. –. 1

– 57 –

1.25 1.25 1.25 1.26 1.26 1.26 1.26 1.26 1.26

2,209 2,648 3,087 4,569 6,382 16 31 36 1161,761,615 2,111,257 2,462,495 3,633,031 5,057,889 12,907 24,939 28,685 91,857

55.24 58.51 25.96 37.57 84.20 55.24 58.51 25.96 37.57

1.38 1.39 1.39 1.24 1.24 1.13 1.14 1.14 1.07

0.14 0.14 0.11 0.07 0.06 0.13 0.13 0.10 0.061.52 1.53 1.50 1.31 1.30 1.26 1.27 1.24 1.13

10.33 10.01 7.69 5.00 5.00 11.92 11.81 8.43 5.00

Clarica MVP Money Market FundSupplementary Schedules and Financial Highlights (unaudited) (for the years ended December 31)








the.year.

. 2,111,257. . 2,462,495. 24,939. . 28,685.

. 1,803,391. . 1,625,680. 73,261. . 48,764.

. (2,153,033). . (1,976,918). (85,293). . (52,510).

. 1,761,615. . 2,111,257. 12,907. . 24,939.

.

. . –. –. –. . –.



















– 58 –

The.CI.Money.Market.Fund’s.investments.were.concentrated.in.the.following.segments:.

as at December 31, 2012.Categories. Net.Assets.(%)Corporate.Bonds....................................................................................................................... .43.6Provincial.Bonds........................................................................................................................ .24.2Cash.&.Equivalents................................................................................................................... .22.9Short-Term.Investments........................................................................................................... . 8.3Other.Net.Assets.(Liabilities)................................................................................................... . 0.7Municipal.Bonds....................................................................................................................... . 0.3

as at December 31, 2011.Categories. Net.Assets.(%)Corporate.Bonds....................................................................................................................... .47.3Provincial.Bonds........................................................................................................................ .23.5Cash.&.Equivalents................................................................................................................... .16.6Short-Term.Investments........................................................................................................... .10.9Canadian.Government.Bonds................................................................................................... . 1.2Other.Net.Assets.(Liabilities)................................................................................................... . 0.5

Other Price Risk The. Fund. indirectly. bears. the. other. price. risk. exposure. of. the. Underlying. Fund.. As. at.December. 31,. 2012. and. 2011,. the. Underlying. Fund. investments. had. high. credit. ratings. and.short-terms.to.maturity..As.a.result,.the.other.price.risk.of.the.Underlying.Fund.was.insignificant.

Credit Risk The.Fund.indirectly.bears.the.credit. risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.credit.risk.as.it.invested.predominantly.in.fixed.income.securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++. 12.5.AA/Aa/A+. 44.6.A. 15.2.BBB/Baa/B++. 1.9.Not.Rated. 2.3Total 76.5.

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++. 23.5.AA/Aa/A+. 44.9.A. 12.1.BBB/Baa/B++. 1.4.Not.Rated. 1.1Total 83.0.


Clarica MVP Money Market FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The.Fund. indirectly.bears. the.currency. risk.exposure.of. the.Underlying.Fund..As.at.December.31,.2012. and. 2011,. the. Underlying. Fund’s. investments. are. denominated. in. Canadian. dollars,. the.functional.currency.of. the.Fund.and.the.Underlying.Fund..As.a.result,. the.Fund.was.not.exposed.to.currency.risk.

Interest Rate Risk The.Fund.indirectly.bears.the.interest.rate.risk.exposure.of.the.Underlying.Fund..As.at.December.31,.2012.and.2011,.the.Underlying.Fund.was.exposed.to.interest.rate.risk.as.it.invested.predominantly.in.fixed.income.securities.

The.tables.below.summarize.the.Underlying.Fund’s.exposure.to. interest. rate.risk,.categorized.by.the.contractual.maturity.date.

as at December 31, 2012. Less.than. 1.-.3. 3.-.5.. Greater.. 1.Year. Years. Years. than.5.Years. Total. (%). (%). (%). (%). (%)Interest.Rate.Exposure .92.4.. .6.9.. .-.... .-.... .99.3

as at December 31, 2011. Less.than. 1.-.3. 3.-.5.. Greater.. 1.Year. Years. Years. than.5.Years. Total. (%). (%). (%). (%). (%)Interest.Rate.Exposure 58.4.. .39.1.. .2.0.. .-.... .99.5


Long.Positions.at.fair.value.as.at.December.31,.2012. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .2,205.. .-.. .-.. .2,205....Total. 2,205.. .-.. .-.. .2,205

Long.Positions.at.fair.value.as.at.December.31,.2011. Level.1. .Level.2. .Level.3. .Total. .(in.$000’s). .(in.$000’s). .(in.$000’s). .(in.$000’s)Underlying.Fund. .2,660.. .-.. .-.. .2,660..Total. .2,660.. .-.. .-.. .2,660


– 59 –

1. THE FUNDS

The. following.Clarica.MVP.Segregated.Funds. (each,.a.“Fund”).were.created.by.Board. resolution.of..

Sun. Life. Assurance. Company. of. Canada. (“Sun. Life”). or. its. predecessor;. Clarica. Life.

Insurance.Company.(“Clarica”).on.the.dates.as.indicated.below:

Fund Names Dated

Clarica.MVP.Asian-Pacific.Non-RSP.Equity.Fund. July.1,.1997

Clarica.MVP.Asian-Pacific.RSP.Equity.Fund. December.31,.1996

Clarica.MVP.Balanced.Fund. December.31,.1986

Clarica.MVP.Bond.Fund. December.31,.1986

Clarica.MVP.Dividend.Fund. December.31,.1997

Clarica.MVP.Equity.Fund. December.31,.1986

Clarica.MVP.European.Growth.Fund. December.31,.1997

Clarica.MVP.Global.Equity.Fund. December.31,.1996

Clarica.MVP.Growth.Fund. December.14,.1992

Clarica.MVP.Money.Market.Fund. January.1,.1988

Clarica.MVP.Small.Cap.American.Fund. December.31,.1997

Clarica.MVP.U.S..Equity.Fund. December.14,.1992

(the.“Fund”.or.collectively.“the.Funds”.or.Clarica.MVP.Segregated.Funds”).

Sun. Life,. a. wholly. owned. subsidiary. of. Sun. Life. Financial. Inc.,. is. the. sole. issuer. of. the. individual.

variable.insurance.contract.providing.for.investment.in.each.Fund..The.assets.of.each.of.the.Funds.are.

owned.by.Sun.Life.and.are.segregated.from.Sun.Life’s.other.assets..The.Funds.are.not.separate.legal.

entities.but.are.separate.reporting.entities..Each.Fund.is.managed.by.CI.Investments.Inc..(“CI”.or.the.

“Manager”).who.also.provides.certain.administrative.services.to.the.Funds.

On May. 29,. 2009,. Sun. Life. and. the. Manager. introduced. changes. to. the. Funds. whereby. certain.

contractholders. in. the. Funds. were. switched. to. a. new. class. of. units. based. on. their. contract. date..

Accordingly,. contracts. issued. between. January. 1,. 1987. and. December. 31,. 1992. inclusive. were.

switched.to.a.new.class.of.units.effective.July.10,.2009,.known.as.Class.A.-.1987.

The. Statement. of. Investment. Portfolio. for. each. of. the. Funds. is. as. at. December. 31,. 2012. and. the.

Statements.of.Net.Assets.are.as.at.December.31,.2012.and.2011..The.Statements.of.Operations.and.

the.Statements.of.Changes.in.Net.Assets.for.each.Fund.are.for.the.years.ended.December.31,.2012.

and.2011..The.Supplementary.Schedules.for.each.Fund.are.for.the.years.ended.December.31,.2012.

and.2011..The.Financial.Highlights.(unaudited).for.each.Fund.are.for.the.most.recent.five.years.ended.

December.31,.as.applicable..The.Fund.Specific.Financial.Instruments.Risks.for.each.of.the.Funds.are.

as.at.December.31,.2012.and.2011.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These. financial. statements. have. been. prepared. in. accordance. with. Canadian. Generally. Accepted.

Accounting.Principles.(“Canadian.GAAP”)..

The.following.is.a.summary.of.significant.accounting.policies.of.the.Funds:

(a) Valuation of Investments

The.Funds.invest.only.in.units.of.Underlying.Funds..The.Underlying.Funds.are.valued.at.their.net.asset.

value.as.reported.by.the.Underlying.Funds’.manager.on.the.valuation.date..

(b) Cost of Investments

Cost.of.investments.represents.the.amount.paid.for.each.security,.and.is.determined.on.an.average.

cost.basis.

(c) Investment Transactions

Investment.transactions.are.accounted.for.on.the.trade.date..Realized.gains.and. losses.on.sales.of.

investments.and.unrealized.appreciation.or.depreciation.in.value.of.investments.are.calculated.on.an.

average.cost.basis..

(d) Income Recognition

Distributions.from.investments.are.recorded.on.the.ex-distribution.date.and.interest.income.is.accrued.

on.a.daily.basis..

Distributions.received.from.investment.fund.holdings.are.recognized.by.the.Funds.in.the.same.form.in.

which.they.were.received.from.the.Underlying.Funds.

(e) Net Asset Value per Unit

Net.asset.value.per.unit.for.each.class.is.calculated.at.the.end.of.each.day.on.which.the.Toronto.Stock.

Exchange.is.open.for.business,.by.dividing.the.total.net.asset.value.of.each.Class.by.outstanding.units.

The.total.net.asset.value.of.each.class.is.computed.by.calculating.the.value.of.that.class’.proportionate.

share.of.the.Fund’s.assets.less.that.class’.proportionate.share.of.the.Fund’s.common.liabilities.and.

class.specific. liabilities..Expenses.directly.attributable. to.a.class.are.charged. to. that.class.. Income.

and.other.expenses.are.allocated.to.each.class.proportionately.based.upon.the.relative.total.net.asset.

value.of.each.class.to.the.total.net.asset.value.of.the.Fund.

(f) Cash

Cash.is.comprised.of.cash.on.deposit...

(g) Increase (Decrease) in Net Assets from Operations per Unit

Increase. (decrease). in. net. assets. from. operations. per. unit. of. each. class. in. the. Supplementary.

Schedules. is. calculated. by. dividing. the. increase. (decrease). in. net. assets. from. operations. of. each.

class.of.a.Fund.by.the.weighted.average.number.of.units.outstanding.of.that.class.during.the.year.

(h) Non-zero Amounts

Some.of.the.balances.reported.in.the.financial.statements.include.amounts.that.are.rounded.to.zero.

(i) Use of Estimates

The. preparation. of. financial. statements. in. accordance. with. Canadian. GAAP. requires. management.

to. make. estimates. and. assumptions. that. affect. the. reported. amounts. of. assets. and. liabilities. and.

the.disclosure.of.assets.and.liabilities.at.the.reporting.date.and.the.reported.amounts.of.income.and.

expenses.during.the.reporting.period..Actual.results.could.differ.from.those.estimates.

3. INCOME TAXES

The.Funds.are.deemed.to.be.inter-vivos.trusts.under.the.provisions.of.the.Income Tax Act.(Canada).and.

are.deemed.to.have.allocated.their.income.to.the.beneficiaries..Each.Fund’s.net.capital.gains.(losses).

are.deemed.to.be.those.of.the.beneficiaries..Accordingly,.the.Funds.are.not.subject.to.income.tax.on.

their.net.income,.including.net.realized.capital.gains.for.the.year.

Clarica MVP Segregated FundsNotes to the Financial Statements


– 60 –

Clarica MVP Segregated Funds Notes to the Financial Statements (cont’d)


A.Fund.may.elect.each.year.to.realize.capital.gains.(losses).for.the.taxation.year,.where.necessary.to.

allocate.capital.gains.(losses).to.redeeming.beneficiaries.

4. UNITHOLDERS’ EQUITY

Units.issued.and.outstanding.represent.the.capital.of.each.Fund..

The.relevant.changes.pertaining.to.subscriptions.and.redemptions.of.each.Fund’s.units.are.disclosed.

in.the.Statements.of.Changes.in.Net.Assets..In.accordance.with.the.objectives.and.risk.management.

policies. outlined. in. Note. 9,. the. Funds. endeavour. to. invest. subscriptions. received. in. appropriate.

investments. while. maintaining. sufficient. liquidity. to. meet. redemptions. by. disposal. of. investments.

when.necessary.

Unit. Transactions. information. for. each. Fund. appears. under. the. Supplementary. Schedules. in. the.

Financial.Statements.

5. MANAGEMENT FEES AND OTHER EXPENSES

The.Manager,.in.consideration.of.management.fees.received,.provides.management.services.that.are.

required.in.the.day-to-day.operation.of.the.Funds,.including.management.of.the.investment.portfolios.

of.those.Funds.that.invest.in.Underlying.CI.Funds.

The.management.fee.is.calculated.as.an.annual.percentage.of.the.total.net.asset.value.of.each.Fund.

at.the.end.of.each.business.day.and.is.paid.at.the.end.of.each.month..

A.Fund.that.invests.in.units.of.an.Underlying.Fund.will.not.pay.a.duplicate.management.and.administration.

fee.on.the.portion.of.assets.that.are.invested.in.units.of.Underlying.Fund..During.the.reporting.period.a.

Fund.may.receive.management.fee.rebates.from.the.Underlying.Fund..The.management.fee.rebates.are.

included.in.“Fees.rebate.receivable”.and.in.“Fees.rebate”.as.reflected.in.the.Statements.of.Net.Assets.

and.Statements.of.Operations.of.each.Fund,.as.applicable.

The.management.fees.and.the.fees.rebate.reported. in. the.Statements.of.Operations.of.each.Fund.are.

each.presented.on.a.gross.basis..In.the.prior.year,.the.management.fees.reported.in.the.Statements.of.

Operations.are.net.of.the.management.fees.and.operating.expenses.paid.by.its.Underlying.Fund,.if.any..

This. change. in.accounting.policy.has.been.applied.prospectively. since. it. is. impracticable. to.apply. this.

policy.to.the.prior.period.

Management.Expense.Ratios. (MER). information. (unaudited). for.each.Fund.appears. in. the.Financial.

Highlights.(unaudited).in.the.Financial.Statements.

In.addition.to.the.management.fee,.the.Funds.and.the.Underlying.Funds.also.bear.all.operating.and.

administrative.expenses.including.audit.and.legal.fees,.transfer.agency.fees,.custody.fees,.expenses.

relating. to. reporting. and. making. distributions. to. unitholders,. all. other. costs. and. fees. imposed. by.

statute.or.regulation.and.expenses.of.all.communications.with.unitholders..

The.Funds.pay.an.insurance.fee.to.Sun.Life..The.insurance.fee.of.the.Fund.is.a.charge.by.Sun.Life.for.

the.applicable.Guarantee.Option.in.respect.of.that.Fund..The.insurance.fees.payable.at.year-end.are.

included.in.the.“Insurance.fees.payable”.in.the.Statements.of.Net.Assets,.while.the.insurance.fees.

expense.for.the.year.are.included.in.the.“Insurance.fees”.in.the.Statements.of.Operations.

6. RELATED PARTY TRANSACTIONS

During.the.years.ended.December.31,.2012.and.2011,.the.following.related.party.transactions.were.

entered.into:

a). .Management.fees.paid.to. (fees.rebates.received.from).the.Manager.and.Insurance.fees.paid.to.

Sun.Life.are.presented.separately.in.the.Statements.of.Operations.of.each.Fund.

b). .The.management.fees.payable.to.(fees.rebates.receivable.from).the.Manager.and.the.Insurance.

fees. payable. to. Sun. Life. as. at. December. 31,. 2012. and. 2011. are. presented. separately. in. the.

Statements.of.Net.Assets.of.each.Fund.

c). .A.Fund.may.invest.in.an.Underlying.Fund.that.is.also.managed.by.CI.Investments.Inc.,.the.Manager.

of.the.Funds.

7. INTERNATIONAL FINANCIAL REPORTING STANDARDS

As. previously. confirmed. by. the. Canadian. Accounting. Standards. Board. (“AcSB”),. most. Canadian.

publicly. accountable. entities. adopted. International. Financial. Reporting. Standards. (“IFRS”),. as.

published.by.the.International.Accounting.Standards.Board,.on.January.1,.2011..However,.the.AcSB.

has.allowed.most.investment.funds.to.defer.adoption.of.IFRS.until.fiscal.years.beginning.on.or.after.

January.1,.2014..Accordingly,.the.Funds.will.adopt. IFRS.for.their.fiscal.period.beginning.January.1,.

2014,.and.will.issue.their.initial.financial.statements.in.accordance.with.IFRS,.including.comparative.

information,.for.the.six-month.period.ending.June.30,.2014.

8. FINANCIAL INSTRUMENTS

The.categorization.of.financial.instruments.is.as.follows:.investments.are.classified.as.held.for.trading.

and.are.stated.at.fair.value..Receivable.for.distributions.and.interest,.receivable.for.unit.subscriptions,.

receivable.for.securities.sold.and.fees.rebate.receivable.are.designated.as.loans.and.receivables..They.

are. recorded. at. amortized. cost. which. approximates. their. fair. value. due. to. their. short-term. nature..

Similarly,.management. fees.payable,. administration. fees.payable,. insurance. fees.payable,. payable.

for.securities.purchased.and.payable.for.unit.redemptions.are.designated.as.financial.liabilities.and.

are.carried.at.their.amortized.cost.which.approximates.their.fair.value,.due.to.their.short-term.nature..

Financial.liabilities.are.generally.paid.within.three.months.

9. FINANCIAL INSTRUMENTS RISK

Risk Management

The.Funds.invest. in.units.of.Underlying.Funds.and.are.exposed.to.a.variety.of.financial. instruments.

risks:.credit.risk,.liquidity.risk.and.market.risk.(including.interest.rate.risk,.currency.risk.and.other.price.

risk)..The. level.of. risk.to.which.each.Fund. is.exposed.depends.on.the. investment.objective.and.the.

type.of.investments.held.by.the.Underlying.Funds..The.value.of.investments.within.an.Underlying.Fund.

portfolio.can.fluctuate.daily.as.a.result.of.changes.in.prevailing.interest.rates,.economic.and.market.

conditions.and.company.specific.news.related.to.investments.held.by.the.Underlying.Fund.and.this.will.

affect.the.value.of.each.of.the.Funds..The.Manager.of.the.Underlying.Funds.may.minimize.potential.

adverse. effects. of. these. risks. by,. but. not. limited. to,. regular. monitoring. of. the. Underlying. Funds’.

positions.and.market.events,.diversification.of.the.investment.portfolio.by.asset.type,.country,.sector,.

term.to.maturity.within.the.constraints.of.the.stated.objectives,.and.through.the.usage.of.derivatives.

to.hedge.certain.risk.exposures.

Other Price Risk

Other.price.risk.is.the.risk.that.the.value.of.financial.instruments.will.fluctuate.as.a.result.of.changes.

in.market.prices.(other.than.those.arising.from.interest.rate.risk.or.currency.risk)..The.value.of.each.

investment.is.influenced.by.the.outlook.of.the.issuer.and.by.general.economic.and.political.conditions,.

as.well.as.industry.and.market.trends..All.securities.present.a.risk.of.loss.of.capital..

– 61 –

Other assets.and. liabilities.are.monetary. items. that.are.short-term. in.nature.and. therefore.are.not.

subject.to.other.price.risk.

Interest Rate Risk

Interest. rate. risk. is. the.risk. that. the.fair.value.of. interest-bearing. investments.will. fluctuate.due.to.

changes.in.prevailing.levels.of.market.interest.rates..As.a.result,.the.value.of.the.Underlying.Funds.

that.invest.in.debt.securities.and/or.income.trusts.will.be.affected.by.changes.in.applicable.interest.

rates..If.interest.rates.fall,.the.fair.value.of.existing.debt.securities.may.increase.due.to.the.increase.

in.yield..Alternatively,.if.interest.rates.rise,.the.yield.of.existing.debt.securities.decrease.which.may.

then.lead.to.a.decrease.in.their.fair.value..The.magnitude.of.the.decline.will.generally.be.greater.for.

long-term.debt.securities.than.for.short-term.debt.securities..

Interest. rate. risk. also. applies. to. convertible. securities.. The. fair. value. of. these. securities. varies.

inversely.with.interest.rates,.similar.to.other.debt.securities..However,.since.they.may.be.converted.

into. common.shares,. convertible. securities.are.generally. less.affected.by. interest. rate. fluctuations.

than.other.debt.securities.

Currency Risk

Currency.risk.arises.from.financial.instruments.that.are.denominated.in.a.currency.other.than.Canadian.

dollars,. the. functional. currency.of. the.Funds.and. the.Underlying.Funds..As.a. result,. the.Underlying.

Funds.may.be.exposed. to. the. risk. that. the.value.of.securities.denominated. in.other.currencies.will.

fluctuate.due.to.changes. in.exchange.rates..Equities.traded. in. foreign.markets.are.also.exposed.to.

currency. risk. as. the. prices. denominated. in. foreign. currencies. are. converted. to. Underlying. Funds’.

functional.currency.to.determine.their.fair.value.

Credit Risk

Credit.risk.is.the.risk.that.a.security.issuer.or.counterparty.to.a.financial.instrument.will.fail.to.meet.

its. financial. obligations.. The. fair. value. of. a. debt. instrument. includes. consideration. of. the. credit.

worthiness. of. the. debt. issuer.. The. carrying. amount. of. debt. instruments. represents. the. credit. risk.

exposure.of.each.Underlying.Fund..Credit. risk.exposure.for.derivative. instruments. is.based.on.each.

Underlying. Funds’. unrealized. gain. on. the. contractual. obligations. with. the. counterparty. as. at. the.

reporting.date..The.credit.risk.exposure.of.Funds’.other.assets.are.represented.by.their.carrying.amount.

as.disclosed.in.the.Statements.of.Net.Assets.

Liquidity Risk

Liquidity.risk. is.the.risk.that.a.Fund.may.not.be.able.to.settle.or.meet.its.obligations,.on.time.or.at.

a.reasonable.price..The.Funds.are.exposed.to.daily.cash.redemption.of.redeemable.units..The.Funds.

invest.all.of.their.assets.in.Underlying.Funds.which.can.be.readily.disposed.of.

Fair Value Hierarchy

The. Funds. are. required. to. classify. financial. instruments. measured. at. fair. value. using. a. fair. value.

hierarchy.. Investments. whose. values. are. based. on. quoted. market. prices. in. active. markets. are.

classified.as.Level.1..This.level.includes.publicly.traded.equities,.exchange.traded.and.retail.mutual.

funds,.exchange.traded.warrants,.futures.contracts.and.traded.options.

Financial.instruments.that.trade.in.markets.that.are.not.considered.to.be.active.but.are.valued.based.

on. quoted. market. prices,. dealer. quotations. or. alternative. pricing. sources. supported. by. observable.

inputs.are.classified.as.Level.2..These. include,.fixed. income.securities,.mortgage.backed.securities.

(“MBS”),.short-term.instruments,.non-traded.warrants,.over-the-counter.options,.structured.notes.of.

indexed.securities,.if.applicable,.foreign.currency.forward.contracts.and.swap.instruments.

Investments.classified.as.Level.3.have.significant.unobservable. inputs..Level.3. instruments. include.

private.equities,.private.term.loans,.private.equity.funds.and.certain.derivatives..As.observable.prices.

are.not.available.for.these.securities,.the.Funds.may.use.a.variety.of.valuation.techniques.to.derive.

the.fair.value.

The.Funds.invest.only.in.other.investment.funds.and.these.investments.are.classified.as.Level.1.

Details.of.individual.Fund’s.exposure.to.financial.instruments.risks.including.the.fair.value.hierarchy.

classifications.are.available.in.the.“Fund.Specific.Financial.Instruments.Risks”.section.of.the.financial.

statements.of.each.Fund..

Clarica MVP Segregated Funds Notes to the Financial Statements (cont’d)



Clarica MVP Segregated Funds Legal Notice

NOTICE:. Should. you. require. additional. copies. of. these. Annual. Financial. Statements. or.

have.received.more.than.one.copy,.please.contact.CI.Investments.Inc..or.your.advisor.

Sun.Life.Assurance.Company.of.Canada,.a.member.of. the.Sun.Life. Financial.group.of. companies,. is.

the.sole. issuer.of. the. individual.variable. insurance.contracts.providing. for. investment. in.Clarica.MVP.

Segregated. Funds.. A. description. of. the. key. features. of. the. individual. variable. insurance. contract. is.

contained. in. the. Information. Folder.. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY

GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED

AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE IN VALUE.

®CI.Investments.and.the.CI.Investments.design.are.registered.trademarks.of.CI.Investments.Inc..®Clarica.

is.a.registered.trademark.of.Sun.Life.Assurance.Company.of.Canada.

INFORMATION FOLDER:.CI.would.be.pleased.to.provide,.without.charge,.the.most.recent.Information.

Folder.upon.request.to.CI’s.Toronto.office.

– 1 –

Notes

CLMVP_AR_05/13E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

annuals financial statements– as at december 31, 2012 · annual financial statements as at...

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